RentPath said Wednesday that it has acquired Lovely for $13 million in cash. Based in San Francisco, Lovely is a marketplace for renters, property owners and managers. Its backers included Felicis Ventures, Founder Collective, S-Cubed Capital and FundersClub.
ATLANTA and SAN FRANCISCO (April 2, 2014) – RentPath, the premier vertical search company for apartment and home renters, announced today that it has acquired Lovely (www.livelovely.com), a San Francisco-based start-up whose mission is to provide the most comprehensive and transparent rental experience for renters, property owners and managers nationwide, for $13 million in cash.
Lovely is the first mobile-powered end-to-end rental marketplace where renters can search, apply and pay rent directly from their mobile device and the web.
“Lovely has done an amazing job at designing products for desktop and mobile devices that simplify the renting process and offer innovative solutions for renters and property managers,” according to Charles Stubbs, CEO of RentPath. “This acquisition illustrates RentPath’s commitment to delivering the best consumer experience and redefining how renters find the perfect place to live. We are excited to welcome Lovely to the RentPath family.”
Blake Pierson, CEO and co-founder of Lovely, said, “We are thrilled to join RentPath. With their help and support, we look forward to expanding the mission of Lovely to the rest of the RentPath family of sites and easing the pain points for millions of renters nationwide.” Pierson added, “With Lovely’s long-term strategic vision completely aligned with RentPath’s – to help renters find the perfect place to live – we are excited to work with Charles and his team to create products that transform and redefine the rental space.”
Lovely co-founder Doug Wormhoudt added, “I could not be more proud of what my team has accomplished and what we have built together. After meeting another amazing team at RentPath I became convinced that the combination of our two organizations would be unstoppable. Today marks a new chapter in our shared vision for the future of apartment rentals.”
Lovely will continue to operate out of San Francisco under the leadership of Pierson and Wormhoudt.
RentPath, a leading digital media company and a TPG portfolio company, has a long-standing heritage in the real estate industry to empower millions of people nationwide to find apartments, houses for rent and new homes for sale. RentPath’s category-leading brands include Apartment Guide, Rent.com, Rentals.com, RentalHouses.com, and New Home Guide. All total, its network of websites reaches over 7 million unduplicated unique visitors monthly.
The company’s flagship brand, Apartment Guide, is the most trusted rental resource that connects apartment consumers to their ideal place to live. With an unmatched search capability, amplified by constantly refined tools and industry insights, Apartment Guide provides consumers with a clear and simple guide to apartment living through content-rich apartment listings in a user-friendly format with Internet, mobile and social media solutions. Leading the industry with first-to-market mobile introductions of iPad™, iPhone® and Android™ applications, as well as Reputation Monitor and SocialMedia Manager, Apartment Guide’s multi-platform search capability allows renters and property managers to connect wherever they are, whenever they want, in the medium that works best for them. The brand’s commitment to maximizing owner and manager value makes Apartment Guide a leading multi-family housing industry partner.
RentPath, Inc. has its headquarters in Norcross, Georgia (outside of Atlanta). For more information, visit www.rentpath.com or www.apartmentguide.com. For additional insight on moving and more, visit Apartment Guide’s blog and connect with Apartment Guide on Facebook, Twitter, YouTube, Pinterest and Google+.
Lovely is the first real rental marketplace that allows renters to search, apply, and pay rent directly from their mobile devices while helping property owners and managers find the best, most qualified tenants. We know from personal experience just how painful it can be to rent an apartment, and we think it should be faster, easier and more transparent for both sides. Lovely was founded in 2011 and is headquartered in San Francisco, Calif. The Lovely team is growing; please visit the website to browse job openings and apply online: www.livelovely.com.
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