Apartment rental company June Homes said it's come out of stealth mode and has raised $50 million.
The New York City-based company said the $50 million in equity financing includes a recently raised $27 million Series B funding round as well as a previously unannounced $13 million Series A funding round and $10 million in seed funding. June Homes said the funding round was led by SoftBank Ventures Asia with participation from TQ Ventures, FJ Labs, K50, Reshape, Quiet Capital, and angel investors including musician Demi Lovato and Scott Belsky, founder of Behance.
June Homes says it allows tenants to quickly choose an apartment ("in as little as three hours") and they can rent from one to 18 months. For landlords, the company said it eliminates broker and management fees and says that properties are filled with tenants 10 times faster than traditional rental systems.
The company said it has "thousands of tenants across New York City, Washington, D.C., San Francisco, Los Angeles, Philadelphia and Boston. ... (and) has experienced 2.5 times in tenant growth quarter over quarter, and 2.5 times in unit growth over the last six months. The company has 25.5 times less tenant defaults than industry average due to more flexible lease terms and its tenant satisfaction guarantee."
"June Homes runs much deeper than addressing a desire for flexible living, which is now table stakes in today's world. By eliminating middlemen and outdated practices from the rental system all together, tenants and mom and pop owners benefit financially and emotionally," said June Homes founder and CEO Daniel Mishin in a statement.
June Homes is the second New York City-based apartment rental company to announce a fund raise this week. Yesterday, apartment rental company Blueground, which has more than 5,000 apartments in 20 cities, said it's raised $180 million in a Series C round of financing.