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Roomi raises $4 million to help you find a roommate

ICE Graveyard 28/07/2016 Katie Roof

At first glance, Roomi looks like it’s just another rental listing app. But there’s a twist — all of these homes already have tenants.

An alternative to Craigslist, Roomi thinks it can find you a better roommate. Are you a gym rat? Do you like to throw parties? The app syncs with Facebook to give you a glimpse of prospective cohabitants.

Launched last year, Roomi has over 375,000 users across North America. They have now raised an additional $4 million in seed funding led by DCM Ventures to expand internationally. This brings their total funding to $6 million.

“There’s a whole generation of millennials leading a housing transformation — they live and rent differently than their parents did. They are moving more frequently and renting later into their lives,” David Cheng, investor at DCM Ventures explained why he sees a market opportunity. “We believe that Roomi, as a dedicated platform for rentals and co-living, caters to this generation’s housing needs.”

CEO Ajay Yadav told TechCrunch that “the goal is to build a platform people can trust.” He said that Roomi is going to be working with services to incorporate stringent background checks, to make sure that someone isn’t unwittingly moving in with someone with a criminal record.

It’s the roommate-first approach which he hopes will set Roomi apart from Trulia, Zillow and the rest of the many other housing apps. “The person is as important as the place you’re going to be living in,” he said.

But Roomi’s business is still nascent. When asked where their revenue comes from, Yadav said, “right now we don’t make any money.”

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