US apartment listings firm ABODO, which specifically targets young professionals, has raised US$4.8 million in series A funding.
The funding round, led by existing investor 4490 Ventures, follows a period of excessive growth with the company reporting a 600 percent increase in user growth over the past 12 months.
ABODO has raised more than US$8 million including this Series A round of funding since its inception in 2012. American Family Ventures and Flyover Capital are also participating in this round.
“This round will be used to continue our mission to innovate in the apartment listing space in order to bring meaningful change to the way people find apartments today,” said ABODO CEO Alec Slocum.
“We’re extremely excited to use the funding for continued national growth and expansion.”
ABODO has a mobile-first approach to share its high-quality inventory of apartments with millennial and young professional prospective buyers, capitalising on the high rate of uptake in mobile technology across this group.
“ABODO is bringing innovation to a sector that has lacked significant innovation for decades,” said Greg Robinson, Managing Director of 4490 Ventures.
“ABODO gives a younger apartment seeker an experience that is modern and consistent with their mobile lifestyle.”