Room8, a popular roommate matching and apartment search company, has received an initial funding in an undisclosed amount. Funding partners include Storm Ventures and Avanta Ventures.
The Room8 team has developed a proprietary algorithm to match users for co-living arrangements, in addition to recommending suitable rentals. The app’s ecosystem is designed to help Millennial and Gen Z renters leap some of the typical hurdles found in modern renting scenarios.
“We’re using technology to solve two of the biggest problems Millennial and Gen Z renters face today: putting nearly half of their income toward rent while balancing enormous student debt, and the sheer lack of solutions to address all of their unique rental needs,” Jessica Chen, CEO of ROOM8, wrote in a press release. “It can take months to find the right place and roommate, and even then, there can be more hoops to jump through before move-in. ROOM8 is solving these issues by streamlining the process and finding compatible roommates to help cut rent in half.”
Room8 works similarly to a dating app, such as Tinder, allowing users to swipe between potential roommates and living situations. The app also lets users browse potential roommate profiles, conduct video chats and review a real-time inventory of apartments, in addition to scheduling tours with landlords.
“Their team is addressing a quickly changing housing and financial culture, and with this new capital, we believe ROOM8 is well-positioned to support a new era of co-living,” said Frederik Groce, a Senior Associate at Storm Ventures, who invested in the company.
Room8 plans on using the investment capital to launch additional services, including expanding to new markets and launching the app, which is currently available on iOS and Android, to new platforms.
Another tech-forward real estate app, Leavy.co, recently received their own burst of funding, securing $14 million from an angel investor.
photo credit: Room8