AAA Bungalow to house $75m in series C

Bungalow to house $75m in series C

Bungalow, the US-based co-living apartment operator backed by talent agency CAA, plans to raise $75m in a series C round led by alternative asset manager Deer Park Road, it revealed yesterday.

The figure would increase Bungalow’s total funding to over $150m, it said, and the round and also features Atomic, Founders Fund, Coatue and Khosla Ventures. It values the company at over $600m, according to a Bloomberg report.

Founded in 2017, Bungalow operates a network of more than 700 co-living rental properties across the US and serves in excess of 3,000 tenants. It also partners homeowners to integrate their properties into the network and help them earn rental income.

The company handles the entire rental process from matching housemates to furnishing common areas as well as facilitating rent and utility payments. It plans to expand into the cities of Miami, Tampa, Atlanta, Houston and Phoenix by the end of this year.

Andrew Collins, co-founder and CEO of Bungalow, said: “This new funding and support from our investors enables us to continue to innovate and accelerate our growth as we expand to new markets and bring the Bungalow experience to thousands more across the country.”

CAA’s corporate venturing arm, CAA Ventures, participated in a $47m round for the business in November 2019 that was co-led by Founders Fund and Coatue with additional investment from Maverick Capital, 94 Ventures and A-Rod Corp.

Bungalow secured $14m in its series A round, in 2018, which was led by Khosla Ventures and backed by Founders Fund, Atomic, Cherubic Ventures and Wing Ventures. The series A was supported by a $50m debt facility and followed $7m of seed funding raised at an undisclosed date.