Zumper, the Kleiner-backed apartment rental platform that launched at TechCrunch Disrupt SF 2012, has bought PadMapper, the popular map-centric rental leases website that was once once embroiled in a prolonged criminal struggle with Craigslist.
The acquisition in truth closed in January and the blended Zumper and PadMapper teams used the last few weeks to build updated variations of both PadMapper’s Android and iOS apps, as well as its personal computer expertise. Zumper is giving PadMapper’s logo a bit of of a refresh, too. All of these updates are launching as of late.
Zumper will run PadMapper as a subsidiary so that it will preserve its own construction, but over time, the 2 products will share the identical backend.
the 2 corporations declined to reveal the precise price of the acquisition, however Zumper co-founder and CEO Anthemos Georgiades tells me the associated fee was beneath $ 10 million and integrated a mixture of money and inventory. PadMapper never raised outdoor funding (it started as a student mission that grew organically), so likelihood is company founder Eric DeMenthon nonetheless owns the bulk share of it. DeMenthon and PadMapper CTO Rob Crowell have both joined Zumper.
Zumper CEO Georgiades tells me that he sees apartment search as only the first step in his company’s imaginative and prescient. What he truly needs to construct is a platform that makes renting an condominium as straightforward as booking a lodge room.
“the first couple of years, we simply did the simple stuff,” he instructed me. That intended bringing the platform to the point the place it will possibly scale, as an instance.
buying PadMapper manner the blended structures can have big reach, too. Zumper says it saw four million visits in January 2016 and expects to get to 9 million monthly visits for the mixed systems by using this summer. At this boom charge, the corporate expects to be successful by the tip of the summer.
With Zumper pro, the company used to additionally push listings from its agents to other list sites. “however with Zumper and PadMapper, now we have a closed loop and don’t need different,” Georgiades mentioned.
Georgiades stressed out that there is additionally just about no overlap between the PadMapper and Zumper audience. PadMapper’s target audience tends to skew youthful and toward millennials, for instance, Zumper attracts an older target market (with more money). “everybody who appears to be like for an condominium will touch our structures,” Georgiades stated.
The Zumper crew tells me that the corporate has little interest in branching out to other actual property merchandise that would compete with the likes of Zillow and Redfin, which principally focus on home shopping for.
instead, Georgiades is mostly driven by means of the speculation of making renting more uncomplicated. the company already bargains quick follow, which makes it easier to apply for an condominium, but Georgiades tells me the company can be currently operating “a personal beta of higher-touch variation which permits renters to book apartments.”
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