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Coliving company Bungalow has received $47 million in fundraising that includes a $15 million Series A extension and a new $32 million Series B round, bringing its total funding to $68 million.
Currently, Bungalow manages over 700 properties across ten cities where it furnishes common areas, provides an app to connect residents and manages roommate screening and matching. Most of its spaces convert extra spaces into bedrooms in an effort to tackle the lack of affordable housing and loneliness.
“Even in places like Kansas City, which is much less expensive than a New York or San Francisco, the economics there still equate to people wanting to live with roommates and wanting to have this shared interaction and shared experience, so we get really excited about being able to go fairly deep within the U.S.,” said Justin McCarty, COO and cofounder.
Bungalow uses existing homes and signs a master lease with the homeowner, where it then builds out new bedrooms to the property. Typically, Bungalow works with smaller properties and signs shorter leases, which has helped it maintain a 98% occupancy rate.
Now, the company is trying a business model similar to that of Airbnb, where it takes a cut from the rent paid to the homeowner.
While its flexible terms are cheaper than a traditional studio apartment, it is slightly higher than living in a five bedroom house someone could find on Craigslist.
