US-based home rental platform June Homes has come out of stealth having secured $50m in funding across three rounds, backed by telecommunications and internet group SoftBank.
The funding comprises a recently completed $27m series B round and a previously unannounced series A that closed at $13m – both of which were led by SoftBank subsidiary SoftBank Asia Ventures – as well as a $10m seed round.
TQ Ventures filled out the investors alongside FJ Labs, K50 Ventures, Reshape, Quiet Capital and private investors including entrepreneur Scott Belsky and singer Demi Lovato.
June Homes looks to disrupt the traditional home rental market for both tenants and private landlords, doing away with the usual broker and management fees and providing a streamlined renting process to inspect, renovate and list housing units in under 72 hours.
The company claims to have seen a quarter-over-quarter growth of 2.5-times in terms of its tenant growth and its growth in units over the past six months. Capital will be used to expand into other markets across the US.
Daniel Michin, founder and chief executive of June Homes, said: “June Homes runs much deeper than addressing a desire for flexible living, which is now table stakes in today’s world.
“By eliminating middlemen and outdated practices from the rental system all together, tenants and mom and pop owners benefit financially and emotionally.”
