Real estate startup Bungalow has raised $47 million in a Series B funding round, which it will invest in growing its co-living network in the United States.
The financing round brings Bungalow's capital to $68 million in total. The company said that it would use the capital to make key executive-level hires that would support its expansion efforts.
By early 2020, Bungalow plans to roll out new tech capabilities across its digital platform and bring it to three major cities.
Bungalow matches young professionals in cities with homeowners who own an old house. The firm then repurposes and redecorates the home based on what renters want and pairs housemates to co-live in the fully rented-out house.
Currently, Bungalow is available in Boston, Chicago, Los Angeles, New York City, Philadelphia, Portland, Ore., San Diego, the San Francisco Bay Area, Seattle, and Washington, D.C.
"Through reinventing the residential rental experience and creating a flexible, community-focused customer experience, we are on track to scale the business to accommodate more than 12,000 residents by the end of next year," wrote Bungalow in a blog post. "We are grateful to all the incredible people — from residents to homeowners to our business partners — who have believed in our mission, and we’re thrilled to help thousands more residents find great homes and even better roommates as we grow."
Founders Fund and Coatue led the funding round, with participation from existing investors including A-Rod, CAA Ventures, Maverick Capital, and 94 Ventures.