Zumper and PadMapper are teaming up to take on the online real estate market.
San Francisco-based Zumper acquired PadMapper for less than $10 million in cash and stock, Fortune reported. Zumper, founded in 2012, allows users to find real estate listings and apply for their favorites online. PadMapper, which has adopted the tagline we make apartment hunting suck less, runs an apartment search platform.
Together, the two companies appear poised to take on real estate giants Zillow, Trulia and Craigslist, Fortune reported.
Zumper has raised more than $20 million in funding so far from investors including including Kleiner Perkins Caufield & Byers, Goodwater Capital and Andreessen Horowitz, according to a Zumper news release. Zumper said the Zumper-PadMapper platform saw 4 million visits last month and the company projects 67 million visits this year. Zumper expects to be profitable by the end of the second quarter of 2016.
Zumper tweeted the deal Thursday, saying: We re excited to announce our acquisition of PadMapper to form the largest rental startup in the US!
PadMapper posted a slightly more bittersweet announcement on its blog, where CEO Eric DeMenthon discussed things he might have done differently given a second chance (like put more energy into fundraising).
Fortunately, Zumper has figured out a lot of the things we haven t been good at historically, and we have very well aligned visions for the long-term, he wrote. We re actually, honestly, not-for-PR-reasons very excited to be joining forces with them, learning from them, and sharing our experience with them to help them improve.
PadMapper had three full-time employees at the time of the acquisition, according to the post. Zumper has a 29-person team, according to the company s news release.
Image: Zumper s website. (Source: Zumper).
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