Roomi hits 1 million users and raises $11 million to grow its shared housing ...
Roomi, a peer-to-peer marketplace for finding roommates, has raised $11 million in a series A round of funding led by Atami Capital, with...
A lot happened here at Roomi in 2017, like growing to over 1 million registered users. That’s a lot of people looking for a room rental or roommate!
From East to West, the shared housing marketplace is growing as people look for more flexible housing options that match their lifestyle needs.
In order to continue improving, we continuously examine our data. Curious what the room rental and roommate trends were of 2017? Read our full report with data and insights unique to Roomi here: https://roomiapp.com/blog/2017...
As you know, we have recently announced some big news here at Roomi…. We’ve raised $11 million in Series A funding which brings our total funding to $17 million. After this news, many people have been asking us "why do we want to raise an additional $1 million from a Republic crowdfunding campaign?" The reason is simple: We are a company for young people built by young people and we believe it’s important for the users who believe in us to be able to be involved in our journey. Read more about our growth & funding news in our VentureBeat article!
Please tune in to our Deal Pitch on 11/30 at 3pm EST to learn more about our business model, investment details and get to know our founder. After our pitch, we will answer your questions (as many as time allows). Please register to this event early as (virtual) seats are limited: https://republic.co/events.
An app that makes it safer and easier to search for shared housing
1M app installations and over 230K apartments listed as of Sept 2017
Grew by 14x in 2016
Has more than 3x more listings for 1+ month sublets in NYC than Airbnb
Raised over $16M from several noted VCs and AngelList syndications
Led by an immigrant repeat founder named among 2017 Forbes’ “30 under 30”
There are 32M people living with roommates with about 90M moves per year
Millennials are moving more than ever — on average a Roomi user is only staying in one place for 4.3 months. With rising rent prices, looming student debts and a preference for flexible, nomadic lifestyles, shared housing is becoming the new normal.
But the process of searching for a place and a person to live with is complicated and outdated. (Did we mention it’s also unsafe??) Sites like Craigslist do not verify the apartment listings or vet the users and there’s often a risk of a scam or expensive, hidden broker fees.
Multiple verification features like background check, ID verifications and Facebook, LinkedIn and Instagram integration
Secure in-app messaging to instantly and safely connect users
Provides all of the details needed to make an informed decision on where to live and who to live with
Ability to instantly book online and set up automatic, online rent payments
Browse individualized search results based on income, location and budget
Creates individualized results using income, location, and budget differences
Proprietary algorithms help users save time and money while searching for an apartment and roommate
Early revenue streams proven highly scalable
Roomi's revenue model is directly related to move-ins. If booked online, Roomi collects a fee between 1-10%. Value add services like background checks, ID verifications, and roommate agreements are included if booked online and otherwise available to purchase separately. Roomi also has partnerships with landlords/ property owners in which they receive a fee every time Roomi helps current tenants find a roommate that leads to a lease renewal.
ProjectionsBased on current growth trajectory and market estimations, Roomi aims to reach over 15,000 move-ins by the end of 2017 and 45,000 move-ins by the end of 2018. At that rate, Roomi’s projected revenues for 2017 and 2018 should be around $750,000 and $5 million. *Please note these projected figures are entirely speculative and might be inaccurate.
USE OF PROCEEDS:
Capital raised privately and via Republic will generally go towards operating expenses, staffing, marketing, customer acquisition and other undertakings that the team believes may be helpful for revenue and growth.
Roomi is already even with Craigslist for supply of rooms in NYC and the market itself is growing rapidly. There are about 90 million moves a year and the percent of adults living with roommates is steadily increasing. This market has largely been ignored by the big players, like Airbnb and Craigslist, leaving Roomi well positioned to dominate this space.
Ajay built his first company when he was 17 years old and scaled it to 200 clients and 35 employees while attending college full-time in NYC. He came up with the idea for Roomi shortly after moving to the US. He wrote the code for Roomi himself until he could afford to hire employees.
A Forbes 30 under 30, Ajay is proud of his humble immigrant background and believes entrepreneurship can and should be more inclusive. Roomi is hosting this crowdfunding campaign because of Ajay’s passion to empower anyone to invest in Roomi’s future and allow YOU to be part of our journey towards market leadership.
Wish you had invested in the early rounds of Airbnb or Tinder? Join Roomi and our venture investors to redefine shared housing forever. Thank you for your support!
Thank you note from our CEO + Shout out on our website + Free background check when you list your open room
"Investor" badge on your Roomi profile + Thank you shout out on Twitter by our CEO + All previous perks
Invite to our new rent payment feature in beta, let Roomi process your first rent payment for free (rack up those credit card points!) + All previous perks
Roomi swag bag (t-shirt, canvas bag, stickers, other surprises) + Invites to test all future beta products + All previous perks
Unlimited access to all future Roomi community events (aka 'The R Collective') + All previous perks
Featured on Roomi homepage + Stop by the office and tour Roomi HQ + All previous perks
Flight and accommodation to meet the team and tour Roomi HQ (US based investors only) + All previous perks.
Roomi is available on Web, Android and iOS (including iPad).
Las Vegas, NV
Los Angeles, CA
New York, NY
San Diego, CA
San Francisco Bay Area, CA
Vancouver, British Columbia, Canada
Toronto, Ontario, CanadaIndia:
New Delhi, India
Yes, Roomi is completely free to use. It’s free to list your room, message potential roommates or search on Roomi. We offer paid options for better exposure of your room, but listing your room is completely free!
Roomi is a peer-to-peer marketplace, for people looking for a room, renting out a room or looking to sublet a room.
You’re required to create a profile in order to list your room or message people who list their room. Roomi is completely free to use.
If you're listing your room - Signup, list your room and chat with potential roommates.
you're looking for a room - Signup, search for your city, browse open
rooms and message anyone with a room that has the right budget and
location for you.
No. Your safety and privacy are our number one concern, and we only show an approximate location on your room listing.
I invested because although I never investing in anything before I feel thus app will launch and I would t want to beat myself up later for missing out. I've been wanting to invest for a while and this happened to pop upAshley BadilloInvested about 5 hours ago
Because I believe in the product and I can see myself and many others using the app. Cant wait to see this one of the biggest companies.marwan genidyInvested about 9 hours ago
I invested because I believe in roomieHenri-Michel OchoumareInvested 1 day ago
I Invested because I believe that Roomi was an amazing idea. Especially after relocating to Tampa for a job offer and having to stay in an efficiency until I found a place. I wish this would have been on the market sooner and i'm praying for a ROI!Kayla JointerInvested 1 day ago
I believe in this awesome beginning of a community coming together faster, smarter, and more safe !Tiffani WakefieldInvested 2 days ago
The company has terrific potencial!Luis ZhumiInvested 2 days ago
I love the plateformAndrew FiscellaInvested 2 days ago
The new UBER :)Veniamin SolovyevInvested 2 days ago
I invested because I live in a fast growing city with skyrocketing rent; contributing to the US trend. I managed multiple Airbnb listings with great success and think Roomi will continue to climb in revenue and eventually pay out dividends.Alex CanoutasInvested 2 days ago
Post six month I was looking a promising app is working well and catching more user to opt in and providing great service. Believe on them to reach more successful place. All the best Roomiapp..Prabhakar TInvested 2 days ago
This is a great platform to find roommates. Rather than go through a bunch of Facebook groups and Craigslist ads.Emily DarigoInvested 2 days ago
Roomi is a good idea!Brian BirhireInvested 2 days ago
I believe that this company has potential to thrive and will be a big hit with this upcoming generation.Julius SchenckInvested 2 days ago
Be part of something great.Yuki De JesusInvested 2 days ago
I used Roomi to find my current roommate and it made the process so simple. It took the street our of finding a new roommate. This was the best out of all the other apps I tried and I believe in this product.Eric RochmanInvested 2 days ago
I've used this app and while I was not successful in getting a roommate from this service it was an excellent process. I see this application and the nature of the business being successful and I want to be part of that success.Chris NicoloInvested 3 days ago
I've had this app on my phone since it first came out and I love it!Yue ShiInvested 3 days ago
Because I believe greed is better controlled by the free market than by the government.Joel YaninasInvested 3 days ago
I see this happeningVishal PatelInvested 5 days ago
People are already room sharing. Not only young people, but retirees as well. Roomi can improve the process for both sides of the transaction.Scott SchramInvested 5 days ago
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Investments in private companies are particularly risky and may result in total loss of invested capital. Past performance of a security or a company does not guarantee future results or returns. Only investors who understand the risks of early stage investment and who meet the Republic's investment criteria may invest.
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