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    Kleiner Perkins Leads $30M Raise for Zumper to Meet Flexible, Short-Term Rental Demand

    Online rental marketplace Zumper reports that it witnessed "a significant subset" of its renters looking for more flexible options, such as month-to-month or hybrid leases last year. Zumper had about 1 million listings and over 70 million users in 2021, and about one-third were seeking short-term rentals of apartments, hotels, or condos. Zumper has announced what co-founder Anthemos Georgiades calls a "rebirth" to better serve that user category. The company has raised $30 million in a Series D1 round of funding led by Kleiner Perkins to help augment its product. Zumper has added more than 500,000 short-term listings to meet customer demand, and Georgiades noted the company is "focused on helping people find places to live versus Airbnb being focused on helping people find places to stay, often when they travel or on vacation." The company generates income by charging multifamily and single-family landlords a subscription to its platform to advertise their stock to Zumper's users. In the short term, Zumper assesses a fee at the point when the rental is booked at an average of 10 percent of the booking value generated. "Long-term rentals remain our core offering," Georgiades explained. "At the same time, we absolutely believe flexible is here to stay. I don't think demand will return to as high as it was last year, but it's still a massive segment that is underserved with no one who's really built a marketplace for it, and we think that's a big opportunity."

    TechCrunch (08/25/22) Mary Ann Azevedo

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