The funding more than tripled Bungalow’s valuation, bringing it to $600M. Here are the top-line bullets you need to know.
Bungalow, a residential real estate platform, has raised $75M in a Series C. This round drew participation from Deer Park Road, Founders Fund, and Khosla Ventures, among others.
How’s the company performing?
- California-based Bungalow provides communal rental options and streamlines rent and utilities payments as well as service requests.
- There are over 3,000 residents living across Bungalow’s 700 properties. The company operates across 16 cities and towns in the US.
- The traffic to the company site increased by 108% in Q2’21 from Q2’20.
Source: Bungalow
Why does the market matter?
- The residential real estate market is projected to grow at a CAGR of 9% and reach a value of $12.18T by 2027, according to Allied Market Research.
- Increasing urbanization, access to affordable and high-quality real estate, and technological advancements have contributed to industry growth.
- Despite dampened funding, 2021 has already seen several high-profile SPAC and IPO announcements, including Hippo Insurance’s $5B SPAC merger, Compass’ $10B IPO, States Title (now Doma)’s $3B SPAC merger, Offerpad’s $3B SPAC merger, and Matterport’s $2.3B SPAC merger.
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