Apartment List Revenue, Valuation, Funding & Investors
Apartment List is valued at $600M as of December 2020, a 16.2x multiple on its last reported $37M revenue.
Last Apartment List valuation
$600M
Series D · Dec 2020
Last Apartment List funding round
$60M
Series D · Dec 2020
Apartment List revenue
$37M
Series D · Dec 2020
Key investors in Apartment List
Canaan Partners
Matrix Partners
Tenaya Capital
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Allen & CompanyCEAS Investments
Glynn Capital Management
About Apartment List
Apartment List is a San Francisco-headquartered online rental marketplace founded in 2013. The platform uses personalized search algorithms to match renters with apartments based on preferences, budget, and lifestyle. It offers seamless applications, virtual tours, and neighborhood insights, serving major U.S. cities. Apartment List connects property managers with qualified leads through free listings and paid advertising options.
Founded
2009
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Advertising
Revenue
$37M (Dec 2020)
Valuation
$600M (Dec 2020)
Apartment List Valuation
Apartment List is currently valued at $600M, based on its Series D in December 2020.
The $60M round was led by Janus Henderson, with participation from Tenaya Capital, Canaan Partners, Quantum Partners and Allen & Company.
Apartment List valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2020 | Series D | $600M | 16.2x |
Apartment List Revenue
Apartment List's latest recorded revenue is $37M, as of its Series D in December 2020. At a $600M valuation, that implies a 16.2x revenue multiple.
Apartment List revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2020 | $37M | $600M | 16.2x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Apartment List Funding History
Apartment List has raised a total of $163M across 4 funding rounds, plus 1 secondary share sale.
Apartment List's first fundraising round was a $23M Series A in November 2013. The most recent completed round was a $60M Series D in December 2020.
Apartment List funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2020 | Series D | Janus Henderson (lead); Tenaya Capital; Canaan Partners; Quantum Partners; Allen & Company | $60M | $600M | Apartment List, a technology-driven rental marketplace, raised $50 million in its Series D funding round on December 21, 2020, led by Janus Henderson Investors, with participation from investors including Allen & Company, Canaan Partners, Quantum Partners, and Tenaya Capital. The round valued the company at $600 million post-money, more than doubling the valuation from its prior Series C. The company later upsized the round to $60 million with additional investors such as Priyanka Chopra Jonas, Lizzo, A-Rod Corp, Andre Iguodala, Daryl Morey, and Anjula Acharia. The funding capped a pivotal 2020 for Apartment List, during which it achieved profitability and accelerated revenue growth amid pandemic-driven shifts in the rental market, including increased technology adoption by renters. Apartment List hosts over 5.5 million rental units on its platform, reaching millions of renters monthly by curating inventory based on personalized preferences and providing real-time pricing and discount information. With over a third of the U.S. population renting and renters four times more likely to move annually than homeowners, the company targets a massive, growing market. Proceeds from the Series D are earmarked for accelerating growth in the core marketplace, developing curated insights for renter segments, and introducing flexible pricing for properties. Investors highlighted Apartment List's strong positioning as a disruptor in the rentals category, accelerated by COVID-19 tailwinds, with Janus Henderson portfolio manager Denny Fish noting its appeal at the intersection of an attractive industry, macroeconomic conditions, and market opportunity. Matrix Partners' Dana Stalder described it as well-positioned to lead the modern startup disruption of rentals. |
| Jan 2018 | Series C | Industry Ventures; Canaan Partners; Quantum Partners; Matrix Partners; Allen & Company; CEAS Investments | $50M | - | Apartment List raised $50 million in a Series C funding round announced on January 18, 2018, led by John Burbank of Passport Capital. The round included participation from Allen & Company LLC, Canaan Partners, Industry Ventures, Matrix Partners, Quantum Partners LP (a private investment fund managed by Soros Fund Management LLC), Tenaya Capital, and WTI, bringing total funding to $110 million since the company's 2011 founding. The company operated as a rental marketplace platform that matched renters with listings using a brief questionnaire, offering a success-based business model where Apartment List only collected fees for transactions that resulted in completed leases. At the time of the Series C round, Apartment List hosted approximately 4 million listings representing 10 percent of all U.S. rentals, had reached more than 150 million users across over 40 cities, and had grown its property count by 50 percent in the prior year. The company planned to use the new capital to expand from its focus on professionally managed large apartment complexes to include smaller apartment buildings, single-family homes, and condos, with the goal of doubling headcount in 2018. Apartment List's most successful markets at that time included Denver, Dallas, and Washington D.C., and it had established partnerships with Realtor.com, Facebook Marketplace, and Homes.com to expand distribution of its rental listings. |
| Nov 2016 | Series B | Canaan Partners (lead); Tenaya Capital; CSC Upshot; Matrix Partners; Glynn Capital Management; Jonathan Swanson; CEAS Investments | $30M | - | Apartment List is a San Francisco-based online apartment rental marketplace that connects renters with landlords through a cross-platform app, using a questionnaire to match users with listings based on preferences and financial profile, charging fees only on successful transactions. The company raised $30 million in a Series B round announced around November 3, 2016, led by Canaan Partners, with participation from Matrix Partners, Tenaya Capital, Glynn Capital Management, and Thumbtack co-founder Jonathan Swanson, bringing total funding to about $60 million since launch in 2011. At the time, Apartment List powered more than 5% of U.S. rental listings, focusing on high-quality, scam-free inventory in markets like Denver, Dallas, and Washington D.C., having shifted its model from per-post charges to transaction-based revenue. The funding aimed to expand inventory and take the business to the next level, positioning against competitors like Craigslist, Zillow, RadPad, and Zumper. Later rounds included a $50 million Series C in January 2018 at a $250 million pre-money valuation led by Passport Capital. Subsequent developments saw Apartment List raise additional rounds, reaching a $604 million Series D valuation in January 2021 and total funding over $342 million by then, with acquisitions like Rent Advisor, Maguire & Fish, and Diffe.rent between 2013 and 2022. |
| Feb 2014 | Secondary | Glynn Capital Management (lead); Passport Capital (lead); Lee Linden; Ethan Anderson; Rick Marini; Aayush Phumbhra; ACME Capital; Shervin Pishevar; John Burbank; Ronyp Kahan; Rothenberg Ventures; Samuel Shank | $6M | - | Apartment List raised $6 million in a Series A funding round in May 2014, led by Glynn Capital and Passport Capital. |
| Nov 2013 | Series A | Matrix Partners (lead); Arul Velan; John Burbank; Nimble Ventures; Yan-David Erlich | $23M | - | Apartment List is an online apartment rental marketplace that generates revenue through referral fees from professionally managed apartment buildings with 100+ unit inventories. The company operates as a metasearch engine connecting renters to available units while charging property managers less than traditional Google search ads. In November 2013, Apartment List closed a Series A funding round of $23 million, with investors including Nimble Ventures, John Burbank, Arul Velan, and Yan-David Erlich. The company was bootstrapped to profitability before raising external capital. In 2012, Apartment List generated $10 million in revenue, and by 2013 the company was targeting $18–20 million in revenue, representing approximately 80 percent year-over-year growth. Apartment List would go on to raise additional funding, including a $30 million Series B in November 2016, a $50 million Series C in January 2018, and a $60 million Series D in December 2020, ultimately reaching approximately $37.3 million in annual revenue by the time of later reporting. |
Who has invested in Apartment List?
25 investors have backed Apartment List across its funding rounds, including Canaan Partners, Matrix Partners, Tenaya Capital, Allen & Company, CEAS Investments and Glynn Capital Management.
Lead investors include Janus Henderson, Canaan Partners, Glynn Capital Management, Passport Capital and Matrix Partners.
Apartment List Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| United States | 3 | Lead | Nov 2016 | |
| Boston, MA | 3 | Lead | Nov 2013 | |
| San Francisco, CA | 2 | Participant | Nov 2016 | |
| Houston, TX | 2 | Participant | Jan 2018 | |
| John Burbank | United States | 2 | Participant | Nov 2013 |
| Allen & Company | New York City, NY | 2 | Participant | Jan 2018 |
| San Francisco, CA | 2 | Lead | Feb 2014 | |
| Boca Raton, FL | 2 | Participant | Nov 2016 | |
| Lee Linden | New York City, NY | 1 | Participant | Feb 2014 |
| San Francisco, CA | 1 | Participant | Nov 2016 | |
| San Francisco, CA | 1 | Participant | Jan 2018 | |
| Ethan Anderson | San Francisco, CA | 1 | Participant | Feb 2014 |
| Rick Marini | San Francisco, CA | 1 | Participant | Feb 2014 |
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Start Free TrialAcquisitions by Apartment List
Apartment List has acquired 2 companies to date.
Last acquisition by Apartment List was on April 4th 2022. Apartment List acquired Diffe.rent for undisclosed valuation.
Latest Acquisitions by Apartment List
| Description | Diffe.rent is a New York-based provider of AI-powered virtual leasing assistants for multifamily property managers. The platform handles 80 percent of resident inquiries via voice and chat, scheduling tours and qualifying leads. Used by operators managing 500,000 units including Greystar and AvalonBay, Diffe.rent integrates with Yardi and RealPage. Founded in 2020, it reduces leasing staff workload by 50 percent through natural language processing. | Maguire & Fish is a staffing agency placing professionals in accounting, finance, and technology roles nationwide. Chicago-headquartered, it serves Fortune 500 clients in industries including manufacturing and healthcare. Founded in 2005, the firm conducts retained searches and contract staffing for positions from controllers to IT directors. |
| HQ Country | | |
| HQ City | San Francisco, CA | San Francisco, CA |
| Deal Date | 4 Apr 2022 | 13 Nov 2017 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Apartment List acquisitions and their M&A valuation multiples. Start Free Trial | ||
Apartment List Competitors
Apartment List competitors include listed companies like DIP and Grupa Pracuj, and private ones like Passage, InterviewBit, Wonolo and Movile.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Japan | Publicly listed | $353M | $85M | $623M | 1.5x | |
 Toronto | Private | - | - | $657M | - | |
 Bangalore | Private | - | - | $710M | - | |
| San Francisco, CA | Private | - | - | $500M | - | |
 São Paulo | Private | - | - | $1B | - | |
 Poland | Publicly listed | $214M | $95M | $1B | 4.4x |
Apartment List Public Comps
Apartment List is still privately-owned, but its public comps include Maoyan Entertainment, Cars.com, Hypoport, Nerdwallet, DIP, eDreams ODIGEO, Hemnet, Wirtualna Polska, WeBuyCars and Ixigo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $691M | $124M | 0.1x | 0.1x | 0.7x | 1.0x | |||
| $723M | $157M | 1.4x | 1.4x | 6.5x | 4.8x | |||
| $694M | $78M | 0.8x | 0.8x | 6.9x | 6.8x | |||
| $837M | $112M | 0.6x | 0.6x | 4.7x | 3.6x | |||
| $353M | $85M | 1.5x | 1.5x | 6.1x | 7.4x | |||
| $770M | $161M | 1.1x | 1.1x | 5.4x | 5.3x | |||
| $156M | $78M | 4.8x | 5.2x | 9.6x | 11.1x | |||
| $585M | $102M | 1.4x | 1.3x | 8.1x | 5.6x | |||
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Common questions about Apartment List
| When was Apartment List founded? | Apartment List was founded in 2009. |
| Where is Apartment List headquartered? | Apartment List is headquartered in San Francisco, CA, United States. |
| Is Apartment List publicly listed? | No, Apartment List is a private, VC-backed company. |
| What is Apartment List's valuation? | Apartment List was last valued at $600M in its Series D in December 2020. |
| How much funding has Apartment List raised? | Apartment List has raised $163M across 4 funding rounds. |
| What was Apartment List's last funding round? | Apartment List's last funding round was a $60M Series D in December 2020, led by Janus Henderson. |
| Who are Apartment List's investors? | Apartment List's investors include Canaan Partners, Matrix Partners, Tenaya Capital, Quantum Partners, John Burbank, Allen & Company, Glynn Capital Management, CEAS Investments, Lee Linden, CSC Upshot and 15 others. |
| What is Apartment List's revenue? | Apartment List's latest recorded revenue is $37M (December 2020). |
| What is Apartment List's revenue multiple? | Apartment List's latest valuation implies a 16.2x revenue multiple ($600M valuation on $37M of revenue). |
| Which companies are comparable to Apartment List? | Companies comparable to Apartment List include DIP, Passage, InterviewBit, Wonolo, Movile and Grupa Pracuj. |
| How many companies has Apartment List acquired? | Apartment List has acquired 2 companies, including Diffe.rent and Maguire & Fish. |
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