With the aid of Atomic VC, Cherubic Ventures, Wing Ventures and Founders Fund, Bungalow raised a $50 million debt facility that has contributed to its home growth costs, which succeeds a previously raised $7 million seed round. Keith Rabois of Khosla has recently joined the company as a board of directors.
Bungalow matches customers with a potential roommate through a vetting process that offers a safer solution and experience when compared to finding living spaces via Craigslist or an alternative. By working alongside homeworkers to lease their homes as master tenants for roughly three years at a time, Bungalow rents out individual properties on a room-by-room basis to provide occupancy to the homeowners.
If needed, Bungalow offers to furnish shared spaces, provides utilizes, Wi-Fi, and housekeeping within the monthly rent cost. Monthly events are also provided, which allows members to meet each other in a local shared space.
There are over 200 Bungalow properties across seven markets, including Log Angeles, New York City, Portland, San Diego, San Francisco, Seattle, and Washington, D.C., which house about 750 total residents.
Prospective residents must pass an initial credit and background check before completing a series of interviews with existing residents before being approved. The process takes an average of about ten to twenty days to complete.
Within the next year, Bungalow plans to expand and launch in around 12 new markets in the United State before eventually joining the international circuit. While the company is currently isolated to the housing market, they are set to operate various types of assets, which may be independent or joint-venture owned by Bungalow.