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.

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
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
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, 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. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that Streamlyzer 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. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
SYS-CON Events announced today that Pulzze Systems 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. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...