Total amount raised
$35.2 Millions
Latest funding date
Location
PadSplit has successfully raised funds through multiple rounds, including a Series B round, with backing from 18 investors such as Impact Engine and Mark Cuban Companies. The platform offers affordable co-living spaces with flexible rental terms, aiming to provide cost savings and credit-building opportunities for its members.
Keep reading to explore the intricacies of PadSplit's fundraising journey and the investors backing this innovative platform.
What Is PadSplit?
PadSplit, founded in March 2017 by Atticus LeBlanc, is an affordable housing tech startup based in Atlanta, Georgia. The company operates within the real estate and property management industries, focusing on providing co-living spaces for low-income individuals.
With a workforce of 101-250 employees, PadSplit aims to make housing more affordable through shared living spaces. This approach not only helps residents save money but also allows them to build credit and improve their financial stability.
How Much Funding Has PadSplit Raised?
- Pre-Seed Round
- Amount Raised: $120K
- Date: July 2018
- Lead Investors: Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial platform.
- Seed Round
- Amount Raised: $4.6M
- Date: April 2019
- Lead Investors: Core Innovation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market presence and increase the number of co-living spaces.
- Series A Round
- Amount Raised: $5.7M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's features and improve service delivery.
- Series A Round
- Amount Raised: $4.3M
- Date: August 2020
- Lead Investors: Core Innovation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new cities and increase the number of co-living units.
- Series B Round
- Amount Raised: $20.5M
- Date: November 2021
- Lead Investors: Core Innovation Capital, Impact Engine, Citi, Mark Cuban Companies, Overline, Cox Enterprises
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase the supply of affordable housing and expand the company's market reach.
Total Amount Raised: $35.22M. Current Valuation: Not publicly disclosed.
Key Investors
- Core Innovation Capital
- Details: Core Innovation Capital is a venture capital firm that invests in companies aiming to improve financial services. They focus on early-stage investments and have a strong track record in the fintech sector.
- Investment Focus Areas: Financial services, fintech.
- Notable Investments: NerdWallet, Ripple.
- Impact Engine
- Details: Impact Engine is an investment firm focused on backing companies that generate positive social and environmental impact. They aim to support businesses that address critical societal challenges.
- Investment Focus Areas: Social impact, environmental impact.
- Notable Investments: Catalytic, Edovo.
- Citi
- Details: Citi is a global bank that provides financial services and invests in various sectors. They have a significant presence in both retail and institutional banking.
- Investment Focus Areas: Financial services, technology, real estate.
- Notable Investments: Betterment, Square.
- Mark Cuban Companies
- Details: Mark Cuban Companies is the investment arm of entrepreneur Mark Cuban, which invests in a wide range of industries. The firm is known for its diverse portfolio and strategic investments.
- Investment Focus Areas: Technology, media, consumer products.
- Notable Investments: Magnolia Pictures, AXS TV.
- Cox Enterprises
- Details: Cox Enterprises is a conglomerate with investments in communications, media, and automotive sectors. They are a family-owned business with a long history of innovation and growth.
- Investment Focus Areas: Communications, media, automotive.
- Notable Investments: Autotrader, Kelley Blue Book.
What's Next for PadSplit?
PadSplit's recent $20.5 million funding round opens up significant opportunities for the company to expand its affordable housing supply. With plans to increase the number of PadSplit houses and enter new markets like Texas and Florida, the potential for growth is substantial. This expansion is not just about numbers; it's about providing more people with affordable, quality housing options.
Future fundraising seems promising given the company's rapid growth and the backing from notable investors. As PadSplit scales, it may attract further investments to support its ambitious plans. However, challenges such as limited housing supply and regulatory hurdles could pose obstacles. Navigating these challenges will be crucial for sustained growth and success.
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