Flexible housing marketplace Flip has raised $2.2 million to help people get on or off apartment rental leases. Union Square Ventures led the round with participation from Collaborative Fund and existing investors Techstars Ventures and BBG Ventures.
Flip is specifically designed for leases that last any duration, starting at one month. Renters can find apply and pay for a lease entirely online. Flip’s listings come from leaseholders who want to offload a room or apartment so they can move onto the next thing. Landlords also use the platform to offer housing units with flexible lease periods.
Flip will use the funding to accelerate product development, adding features that its users have been asking for, including peer to peer payments, custom legal docs, security deposit handling, insurance and rent guarantees.
“Nearly three quarters of the global population will live in a city by 2050,” said CEO Susannah Vila, “In the U.S., at least half of the workforce will be independent. As people become both more urban and more mobile their housing needs will evolve. They will expect flexibility and convenience.” In this new world, Flip wants to be the platform that everyone uses to access their housing.
"There is something that feels so generationally spot on about what Flip is building," said Andy Weissman, who led the deal for USV.
Flip currently offers 2,300 housing options in New York City, Los Angeles and San Francisco. The average rent price of a unit on the platform is $1,600.
Company Background
Previously Flip raised $1.2M. Today’s funding brings total capital raised to $3.4M.
As Vila describes it, Flip’s goal is to make booking homes as easy as booking hotels. “When all housing is transacted on one, digital platform it will be easier and more affordable for everyone, anywhere to get on or off of a lease,” she said.
Flip was the anchor startup in MetaProp NYC's 2016-17 accelerator cohort and a MetaProp portfolio company.
Wondering About Legality?
Flip’s platform gives users the tools and guidance to sublease or assign a lease with landlord approval. Sublets for durations greater than one month are legal as long as this approval is obtained. In New York and Illinois a renter can sublet even if their landlord prohibits it. In other jurisdictions landlord approval is required.
About MetaProp NYC
MetaProp NYC is the world’s premier real estate technology nexus. Based in the heart of Manhattan’s Silicon Alley, the MetaProp NYC 22-week Accelerator and 8-week Pre-Accelerator at Columbia University are the leading programs for high growth PropTech startups. Each year, up to 20 of the best technology driven real estate industry ideas are selected to participate in intensive education, mentorship and growth hacking programs, culminating in exclusive Graduation Defense panels and bi-coastal Demo Days for partners, investors, VCs and media. Founded in 2015, the accelerator boasts 100+ mentors, 10 renowned corporate partners and widespread media coverage from the Wall Street Journal, Forbes, New York Post, TechCrunch, Inman, Bisnow, Real Estate Weekly, and more. MetaProp NYC's team and strategic seed stage funds have invested in 60+ technology companies across the real estate value chain. The companies have raised more than $2 billion and employ 1,500+ people globally. MetaProp Advisors provides strategic advisory services, growth consulting, communications, event management and market research for real estate companies that are serious about innovation.
