New York-based Roomi, maker of an iPhone app that helps in roommate and housing searches, announced it has raised $2 million in seed funding led by DCM Ventures. Roomi said it plans to use the funding to launch new features and expand to the Android operating system. Currently, the Roomi app is focused only on helping search for roommates in New York City. In addition to DCM, other investors include Wasabi Ventures, Great Oaks Venture Capital and Sand Hill East, according to CrunchBase.
Roomi App Makes New York City Debut as #1 App for Housing and Roommate Search
Roomi officially launches in the Big Apple alongside $2M in seed funding led by DCM Ventures to focus efforts on expansion
New York, NY— June 9, 2015 — Roomi, a free mobile app that simplifies roommate and housing search, announced its official launch today out of beta with a number one ranking in the Apple App Store for finding roommates alongside a round of $2 million in seed funding led by DCM Ventures. Roomi has seen early, rapid interest from users, locking in approximately 100,000 downloads and growing. Roomi plans to use the funding to ramp up with new features, expand to Android and hire top-tier talent.
Unlike other roommate finding apps, Roomi is creating a mobile app marketplace that utilizes an extensive social graph, allowing users to create a profile and search for potential roommates and rooms with a few quick steps. Every listing and user is vetted and verified before going live for security. The app’s built-in chat allows users to connect safely and encourages open communication about issues important for successful roommate relationships like shared values, common interests and compatible lifestyles.
“New York is an expensive city. But when rent spikes and income flat lines, you have a situation that’s pushing more and more people into shared living situations — many of which deteriorate quickly because the services that currently exist don’t provide the visibility needed to form a lasting co-living environment,” said Ajay Yadav, founder and CEO of Roomi.
Focusing on extensive research, Yadav developed the mobile marketplace to help solve the New York housing nightmare: steadily rising rent, stagnant wages and no simple way to find affordable housing. The app uses a simple user-to-user approach to connect two groups of people: those with empty rooms to fill and those searching for a new home — both trying to cut costs in a city where 44 percent of residents spend over 35 percent of their income on rent.
“The Roomi app is a step into the future,” said Osuke Honda, general partner at DCM Ventures. “With new mobile tools, we are past the time of blindly moving into a place with little information about the people you are living with. Roomi’s social graph and housing details make it possible to have more transparency and security about a potential living situation — from roommate and apartment searches now to booking and ID verification to rent payment processing in the future. Roomi is covering it all.”
Roomi is a free mobile app that simplifies roommate and housing search in New York by making it easy for people to post and list rooms and connect safely, in a city where it’s rarely affordable to live alone. CEO and founder Ajay Yadav developed Roomi after witnessing the obvious need for a tool that not only helps people find housing but also compatible roommates.
About DCM Ventures
DCM Ventures is an early stage venture capital firm based in Silicon Valley, Beijing and Tokyo with more than $2.5 billion under management. Our team’s global DNA and extensive industry expertise empowers our entrepreneurs with hands-on operational guidance and a global network of business and financial resources. DCM Ventures has invested in more than 250 technology companies across the United States and Asia backing numerous industry leaders over our 20 year history. Successful exits (IPOs and M&As) include, among others, China-based: 51job, 58.com, 99Bill (Wanda Group), BitAuto, Dangdang, Luxin, Renren, Tuniu, and Vipshop; Japan-based: JCI, Kabu.com, Pokelabo (GREE), Scigineer, and StarFlyer; U.S.-based: About.com, Basis (Intel), Fortinet, PGP Corporation (Symantec), SandForce (LSI), Slice Technologies (Rakuten), and Sling Media (EchoStar) as well as eDreams in Spain and Daum Kakao in Korea.