Apartment rental platform Zumper has purchased online rental business PadMapper for under $10 million in cash and stock, making it the fifth most trafficked rental platform in the United States.
PadMapper CEO Eric DeMenthon and CTO Rob Crowell will both join Zumper, which will continue to run PadMapper as a fully owned subsidiary.
Zumper had 4 million visitors this January and now predicts 67 million visitors in 2016 across both web and mobile.
The company says it expects to be profitable by the end of the second quarter of 2016, achieving several million dollars annually in revenue.
Zumper CEO Anthemos Georgiades says the combined platform will provide renters with the single best source for inventory in major US markets including New York City, San Francisco, Chicago, Los Angeles, Washington DC, and Boston.
“We are thrilled to welcome Eric and Rob to the Zumper team, and excited to continue the legacy of one of the most trusted brands in online real estate,” Georgiades says.
PadMapper launched in 2009 as the first map-based search platform in the US and Canada. The company offers hundreds of thousands of listings to renters and a suite of tools for rental professionals.
PadMapper CEO Eric DeMenthon adds joining forces with Zumper is a strong strategic move.
“We have a very similar vision of what will make the home rental process less awful, and together, we have a much better chance of making that vision a reality,” DeMenthon says.
“Zumper now becomes one of the largest players in the rental space, bringing us one step closer to our vision of bringing the ease of hotel booking into the apartment rental industry."
Based in San Francisco, Zumper describes itself as the first end-to-end home and apartment rental platform, taking renters from search through application and close.
In addition to helping consumers, Zumper offers rental professionals industry-leading tools to market listings and screen prospective tenants.
A team of 29, Zumper has raised $20.2 million in venture capital funding from investors including Goodwater Capital, Kleiner Perkins Caufield & Byers, xfund, Andreessen Horowitz, Greylock, NEA, CrunchFund, Dawn Capital, Marcus & Millichap and the DeWilde Family Trust.