PadSplit raises $20.5 million Series B to increase housing supply and access |

ATLANTA, Nov. 3, 2021 /PRNewswire-PRWeb/ — PadSplit, the nation’s largest shared housing market particularly designed for the workforce, is asserting a $20.5 million Sequence B spherical of financing at present with funding from Core Innovation Capital, Affect Engine, Citi, Alate Companions, Mark Cuban Corporations, and Cox Enterprises, amongst others. The Atlanta-based firm will make the most of the capital for market growth and to supply a brand new turnkey resolution for actual property buyers to create PadSplits, as a way to create extra housing provide. Up to now, PadSplit has created greater than 2,500 shared housing models and housed greater than 5,000 people, with rooms obtainable at 40-50 p.c of the typical value of a one-bedroom house in its markets. PadSplit can also be much more accessible than conventional one-bedroom flats as a result of it requires no minimal credit score rating or safety deposit.

“We began PadSplit 4 years in the past with the straightforward mission of making alternatives for individuals who want them, one room at a time,” mentioned founder and CEO Atticus LeBlanc. “I am extremely grateful proper now, understanding that this monetary help allows us to proceed growing housing provide that’s extra inexpensive and extra accessible for the employees serving our communities. As a Public Profit Company, we consider it is attainable to do properly and good on the similar time, and our outcomes have clearly confirmed that our double-bottom-line strategy can create housing provide quicker and extra cost-effectively than another resolution. We’re actively increasing geographies so extra of our workforce can discover high quality housing and lower your expenses for his or her futures.”

Based in 2017, PadSplit’s market provides shared housing uniquely tailor-made for group staff who serve faculties, eating places, hospitals, grocery shops, accommodations, and authorities places of work. Every PadSplit features a personal, totally furnished bed room and shared widespread areas, with utilities and WiFi at no extra value. PadSplit’s backend expertise facilitates a customizable fee schedule so residents can align the timing of funds to their work pay intervals, making it simpler to funds. PadSplits are positioned close by job facilities or public transit, and with no long-term commitments, residents can simply relocate to stay near new jobs with out counting on automotive possession or lengthy commutes. Lastly, PadSplit companions with different mission-focused organizations to offer extra advantages at no-cost, together with Esusu for credit score restore and monitoring, Wonolo for job matching and Teladoc for 24/7 entry to telehealth companies.

Because of this focused strategy, PadSplit helps its residents obtain larger monetary stability:

• 88% have improved their credit score scores
• Residents report financial savings of $420 monthly throughout their housing, utility and transportation prices
• Many have been capable of save sufficient to buy automobiles, transfer into their very own flats, and even grow to be owners, the place they’ve been in a position lease out rooms by means of the platform to start out the cycle for others

One PadSplit member mentioned about their expertise: “PadSplit is a contemporary begin at a fraction of the associated fee, and it helped me construct a basis for monetary stability. Discovering a fully-furnished place within the metropolis at this value level is close to unimaginable. What you get with PadSplit — fully-furnished, all utilities, laundry — cannot be crushed.”

PadSplit’s mannequin has been confirmed to extend housing provide, whereas lowering limitations to entry, all with none direct public subsidy. As a result of PadSplit maximizes the house obtainable in present single-family houses, property homeowners are additionally capable of enhance web working revenue by means of their PadSplit houses, whereas offering an important housing possibility for the workforce. PadSplit gives administration companies for all of its houses, offering advertising help, dealing with background checks, coordinating funds and constructing proprietary expertise for the resident expertise. And now, by means of this funding, PadSplit will supply a turnkey resolution to actual property buyers considering shared housing, offering entry to a vendor community to extra effectively open PadSplit rooms and supply lending and on-site administration companies.

At this time, PadSplit has obtainable rooms in Atlanta, Houston, Richmond, Tampa, Indianapolis, New Orleans, and San Antonio, with a number of new markets below improvement. The corporate is constant to develop with plans so as to add extra models to its market, for greater than 3,500, by the top of the 12 months. To energy this subsequent spherical of progress, PadSplit can also be hiring for a lot of open, all-remote positions.

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About PadSplit

PadSplit is the nation’s largest shared housing market that gives housing particularly designed for the workforce. As a Public Profit Company, we’re intentional about doing properly AND doing good, so we deal with growing housing provide and lowering limitations to entry. Our award-winning mannequin permits people to discover a versatile, long-term rental possibility that features furnishings, utilities, and entry to public transit, all with out a minimal credit score rating. PadSplit’s expertise platform additionally allows customized lease funds that facilitate simpler budgeting and permit residents to enhance their monetary well being. Headquartered in Atlanta, PadSplit operates greater than 2,500 shared housing models throughout the nation. Apply to grow to be a resident or a property proprietor at https://PadSplit.com.

Media Contact

Hela Sheth, PadSplit, +1 (678) 938-1318, hela@katalystcomms.com

SOURCE PadSplit