ROOM8, which uses data to optimize the matching of roommates, has closed an investment to launch new capabilities later this year.
The company, which is a by-product of the CSAA Insurance Group’s innovation initiative, uses a roommate-matching algorithm which connects users, recommends rentals and supports those seeking co-living.
On the app a user can flick between profiles of potential roommates, securely video-chat with others, review a real-time inventory of apartments and schedule tours with landlords. Additionally, the platform supplies a quick route to insurance policies to protect belongings of tenants.
Contributions to the round came from Storm Ventures, Avanta Ventures, Alpana Ventures, and Plug and Play Ventures. The new funds will be used to develop new tools and hire additional staff.
ROOM8 CEO Jessica Chen said, at. “We’re using technology to solve two of the biggest problems Millennial and Gen Z renters face today: putting nearly half of their income toward rent while balancing enormous student debt, and the sheer lack of solutions to address all of their unique rental needs.
“It can take months to find the right place and roommate, and even then, there can be more hoops to jump through before move-in. ROOM8 is solving these issues by streamlining the process and finding compatible roommates to help cut rent in half.”
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