M&A / FundingProptechReal Estate Tech

Nomad raises $20m to promote long-term rental revenue

Nomad, a proptech marketplace serving small rental property owners with guaranteed rent, yesterday announced raising a $20 million Series A led by Silicon Valley Bank (SVB) Capital, according to a press release.

The company says it will use the funding to invest in its technology, increase its team size and expand its geographical footprint to 10 new markets in the next 24 months.

The Series A also included participation from existing investors Kickstart Fund, Peterson Ventures and Range Ventures, which participated in the company’s recent $2.4 million seed round in May 2021. Nomad has now raised $23.6 million to date, including a $1.2 million pre-seed round in June 2020.

Based in Denver, Nomad provides mom-and-pop rental property owners with financial certainty and helps them navigate the ongoing turbulent rental market. The company ensures property owners have rent paid on the first every month so that they do not have to worry about unnecessary vacancies and can focus on other aspects of their lives.

“Individual landlords make up the majority of the single family rental market, and Nomad exists to solve their single largest pain point: uncertainty. No one has a crystal ball, but guaranteed rent allows landlords to operate on sure footing – and with access to the benefits of scale that usually only belong to massive single family rental corporations funded by large Wall Street institutions,” stated PJ O’Neil, Nomad CEO and co-founder in the release.

“We want to shake up the SFR experience and this funding will accelerate the momentum that benefits small landlords and their tenants in an ever-changing rental market,” O’Neil said.

Nomad says these vacancies can cost landlords tens of billions of dollars annually. To combat this, Nomad provides tenants simplified, tech-enabled experiences that include credit building, flexible leases and homeownership bridges.

The company recently entered the Phoenix market, following launch in its home of Denver, and has seen its revenue grow eightfold in 2021. It also says it has saved customers 30,000 hours of time, and is trusted to guarantee rent for homes valued over $250 million in aggregate.

Raleigh, North Carolina will be the first expansion market Nomad plans to expand to in the spring. In addition, it says it will hire more than 50 people in 2020 and introduce its product offerings.

In other recent proptech news, Sundae unveiled a new lending service to help property investors finance on its marketplace. Lavanda also raised $7.25 million to build out its flexible multifamily rental platform.

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