Boom, a rent reporting platform, has successfully garnered $4.5m in a seed funding round. Among the investors in this round were William Hockey and Zach Perret, the co-founders of the financial services company, Plaid.
The funding round was led by Starting Line, a venture capital firm specialising in seed investments. Other participants included Clocktower Ventures, Company Ventures, and Gilgamesh Ventures.
Boom provides a unique service to renters in the US, allowing them to build credit using their rent payment. Launched at the end of 2021, the company has seen considerable success, reporting to all three credit bureaus – Experian, Equifax, and TransUnion. According to Boom, users have seen an average increase of 28 points in their credit scores within just two weeks of using the app.
The fresh funding is expected to be channelled into developing and launching housing-focused tools for renters and NOI-focused products for real estate operators. Over the last year, Boom has built a strong subscriber base for its $2-a-month offering, experiencing a growth rate of over 450%. It’s approaching a $1m revenue run rate and has formed partnerships with industry heavyweights such as Progressive, Apartment List, and national property management companies.
Boom CEO Rob Whiting said, “We invested heavily into building our end-to-end software solution for rent reporting and consumer app layer and now we’re focused on revolutionising the entire Renter Experience, from both the renter and the apartment operator perspective. This funding will help us accelerate our roadmap.”
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