ROOM8 App Receives Funding to Empower Millennial and Gen Z Renters
The premier mobile app solving rental woes receives venture funding to expand reach
SAN FRANCISCO, December 17, 2019 (Newswire.com) - Today, ROOM8, a data company optimizing co-living through roommate matching and apartment search services, has announced initial funding and plans for expansion to include new hires and increased platform capabilities.
A byproduct of the CSAA Insurance Group’s Innovation initiative, ROOM8 is led by co-founders Jessica Chen, Alexis Valerio, and Dan Mathews. The team is working to build a more comprehensive alternative to the myriad of apps and websites Millennial and Gen Z renters have had to traditionally rely on when beginning their rental journey.
The first-of-its-kind-platform uses a proprietary roommate-matching algorithm to connect users, recommend rentals, and meet rising trends in co-living. Similar to a dating app, the iOS and Android mobile app recommends compatible roommates at no cost to users. The app allows users to browse potential roommate profiles, safely and securely video-chat with other users, review a real-time inventory of apartments and schedule tours with landlords.
“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,” said Chen, CEO at ROOM8. “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.”
With plans to launch additional services in the coming year, ROOM8 has already found support from powerful investment partners who share the startup’s vision for improving fair and equitable access to affordable financial tools to Millennial and Gen Z renters globally. ROOM8 has raised venture funding from Storm Ventures, Avanta Ventures, Alpana Ventures, and Plug and Play Ventures. In addition to broadened capabilities, ROOM8 also plans to make key hires in both Scottsdale, Arizona, and San Francisco, California.
“Storm Ventures is excited to partner with ROOM8 as they create co-living solutions for their customers,” said Tae Hea Nahm, co-founding Managing Director at Storm Ventures. “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,” adds Frederik Groce, a Senior Associate at Storm Ventures.
“Investing in ROOM8 reflects our commitment to improving lives through data and AI, enabling people to find safe and secure housing,” said Sanjiv Parikh, Managing Partner at Avanta Ventures. “Avanta Ventures invests in technologies that transform the customer experience, and our partnership with ROOM8 is a prime example.”
For more information about ROOM8, visit ROOM8.io.
ROOM8 is a data-driven company with an AI heart, helping Millennial and Gen Z renters on their path to the perfect rental. We’ve put our signature roommate-matching technology to work, streamlining the rental experience and improving fair and equitable access to affordable financial tools. Matching with roommates and discovering the ideal home from our highly curated inventory of rentals has never been easier. Without hoops or hassles, ROOM8 has taken the stress out of finding your next home, letting renters start living better lives sooner. For more information about ROOM8, visit us at ROOM8.io.
Source: ROOM8, Inc.