June Homes Emerges From Stealth With $50 Million in Funding
September 22, 2021
We are glad to announce that our portfolio proptech company June Homes emerges from stealth mode with $50M in funding. June Homes is using technology to fix the antiquated apartment rental experience for both everyday consumers and mom-and-pop landlords. Capital will be used to fuel the company’s expansion to other US markets and further its mission to create a more fair, transparent, and efficient real estate system.
The funding is led by SoftBank Ventures Asia with participation from TQ Ventures (founded by Schuster Tanger, Scooter Braun, and Andrew Marks), FJ Labs, K50, Reshape, Quiet Capital, and angel investors including Demi Lovato, Scott Belsky and Oskar Hartmann. The $50M in equity financing includes a recently raised $27M Series B as well as a previously unannounced $13M Series A and $10M in seed funding. TA Ventures invested in Series A and Series B rounds.
The current rental system is broken for both tenants and small landlords. For tenants, upfront costs associated with renting are exorbitant, outdated approval requirements are often unattainable, and year-long lease lengths are binding. The process of renting an apartment is cumbersome — time-consuming, slow-moving, and full of excessive paperwork. For landlords, long vacancies, broker and management fees, and COVID-related eviction moratoriums put mom-and-pop owners at risk of losing their generational wealth.
The company has built an algorithm that detects apartments with untapped potential (often in disrepair) and developed a process to inspect, upgrade, renovate, and list units for rent in just under 72 hours.
June Homes tenants can discover, apply for, and move into their new home in as little as three hours. The homes are fully customizable — tenants can rent furnished or unfurnished, with roommates or alone, and have the option to stay for as long as they’d like (1-18 months) while paying fair and accessible prices. Unlike typical short-term corporate housing companies that upcharge tenants by up to 2x for flexibility, June Homes’ rental rates are more in line with the price range you’d expect to pay on a traditional lease.
On the landlord side, June Homes serves as a turn-key partner that eliminates broker and management fees and ensures that properties are filled with tenants 10x faster than traditional legacy systems. June Homes reduces the risk of being an owner by taking the responsibility for tenant defaults, non-payments, and overall building performance.
Led by founder and CEO Daniel Mishin, a serial real estate entrepreneur, June Homes has signed on thousands of tenants across NYC, DC, San Francisco, Los Angeles, Philadelphia and Boston. June Homes has experienced 2.5x in tenant growth quarter over quarter, and 2.5x in unit growth over the last six months. The company has 25.5x fewer tenant defaults than the industry average due to more flexible lease terms and its tenant satisfaction guarantee.