Welcome!

News Feed Item

ABODO Raises $1.25 Million in Series A Funding to Deliver Hyperlocal Apartment Search

Rent.com Co-Founder Michael Taus Joins as Vice President of Marketing to Expand Into College Towns

MADISON, WI -- (Marketwired) -- 07/30/14 -- The hyperlocal online rental marketplace ABODO announced today it has closed $1.25 million in Series A financing, led by American Family Ventures. Also joining the round are 4490 Ventures and Lakewest Venture Partners. Unlike traditional apartment listing services, ABODO focuses on building a massive presence in targeted markets to ensure a unique, locally tailored search experience for renters. ABODO will use the financing to deepen its hold on the six initial markets in which the company launched and to expand into 25 additional markets in the coming year. Former Rent.com co-founder Michael Taus has joined ABODO as vice president of Marketing to expand the company's footprint in underserved rental markets nationwide.

"We invest in innovations that meet customer needs in unique and impactful ways," said Dan Reed, managing director at American Family Ventures. "We're pleased with the results in ABODO's initial markets and are excited to help it expand into other underserved areas."

ABODO grew out of firsthand experience with the pains of apartment hunting. After four moves while attending the University of Wisconsin-Madison, co-founder and CEO Alec Slocum became frustrated by the lack of local focus and apartment inventory available through national apartment listing services. Together, he and co-founders Chad Aldous and Adam Olien launched ABODO as a hyperlocal rental marketplace that featured the largest, most accurate inventory of local apartments in Madison.

"After way too many apartment hunts, we realized that none of the listing services really represented our local market. We knew there had to be a better way to expose the true inventory available and improve upon the actual search experience at the same time," Slocum said. "We built ABODO to do just that, and finally make it easy for renters to find a great home. After testing and improving the service in multiple markets, we're ready to expand our footprint, and we're excited to be doing it with backers who understand the real estate market and share in our vision to deliver a better experience -- not just in big cities, but across the country."

In the first 12 months of operation in Madison, ABODO built an inventory of more than 2,000 available rental apartments and houses around the University of Wisconsin-Madison campus. During that same period, more than 50 percent of the student population used ABODO to find their next apartment. Since then, the company has expanded into and seen faster growth in several other Midwest markets.

"ABODO is a great example of a Midwest company that understands its markets and customers as well as, if not better than, its Bay Area counterparts," said Greg Robinson, managing director of 4490 Ventures. "As a Midwest venture fund with Silicon Valley roots, we found ABODO to be a great fit for our portfolio and we're looking forward to helping the company grow."

"We have deep industry perspective on real estate and technology, which gave us an upper-hand in evaluating the market opportunity for ABODO," said Jonathan McCulloch, co-founder of Lakewest Venture Partners. "In Madison, where they launched, ABODO offers about 25 percent more inventory than even the largest online real estate services, yet the search process is extremely simple and intuitive. We like their approach and believe that there are many underserved customers who crave a service like ABODO in other markets across the country. We also are impressed that so many property management companies are enjoying the results they're getting from ABODO."

ABODO provides property managers with an efficient channel to reach prospective renters and fill their vacancies. "We are very happy with the leads that have been provided through ABODO," said Katy Krueger, vice president of multifamily management at Colliers in Madison. "They have become one of our best sources for leads."

The company recently launched the ABODO Apartment Search iPhone app, which is available for free download on iTunes today. An Android app is expected in the near future.

About ABODO
ABODO is improving the rental search experience by providing massive inventory, intuitive user design and search functionality, and relationships with major property management software providers to expand its reach into small and medium-sized rental markets. Based in Madison, Wis., ABODO came out of the Gener8tor accelerator in 2012 to launch in its first six markets: Madison, Milwaukee, Columbus, Minneapolis, Pittsburgh, and Raleigh-Durham. To date the company has raised over $1.5 million from Gener8tor, American Family Ventures, 4490 Ventures and Lakewest Ventures. Download the ABODO app at iTunes at www.abodo.com/iphone. For more information, visit www.abodo.com.

Media Contact:
Theresa Maloney
Cogenta Communications
415-225-5261
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.