# PadSplit

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/padsplit

- Industry: Real Estate Development & Operating Companies
- Headquarters: Atlanta, US
- Website: www.padsplit.com
- Total disclosed funding: $31M
- Latest round: Series B (Nov 3, 2021)
- Investors on record: 14

## About

PadSplit, Inc. is a rental platform focused on providing affordable room rentals for individuals seeking flexible housing solutions. It addresses urban housing shortages by facilitating shared living arrangements across various U.S. cities.Founded in 2017 in Atlanta, US, PadSplit, Inc. operates as a rental platform. The company has not undergone any significant pivots or changes in business strategy. The founder, Atticus LeBlanc, serves as the CEO and has not been associated with other known companies. PadSplit recently secured USD 20.5 mn in Series B funding on November 3, 2021, from investors including Alate Partners, Citigroup, Core Innovation Capital, Cox Enterprises Inc., Mark Cuban Companies, and The Impact Engine, among others. This funding round brings the total amount raised by the company to USD 20.5 mn, following four deal completions.PadSplit operates as a rental platform providing affordable room rentals aimed at individuals seeking flexible and cost-effective housing solutions. The core offering focuses on renting private rooms in shared homes, catering to low-to-moderate income individuals and professionals transitioning between jobs or locations. The service addresses the increasing demand for affordable housing in urban markets, specifically targeting cities with housing shortages. Customers consist of working professionals, individuals relocating for employment, and those seeking temporary housing, with properties available in cities such as Atlanta, Dallas, and Houston. PadSplit enables quick housing solutions while fostering community living through shared arrangements.PadSplit generates revenue primarily through room rental transactions on its platform. The business model involves direct-to-consumer transactions where members rent rooms on a weekly basis, providing flexibility to meet diverse housing needs. Clients can select rooms based on city availability, facilitating a straightforward rental process. The pricing structure is designed to be accessible and reflects local market conditions as well as the amenities offered within each shared property. By focusing on affordable housing solutions, PadSplit enhances accessibility for users and positions itself strategically in markets with significant housing demand, ensuring consistent transactions with its clientele.In November 2021, PadSplit, Inc. raised USD 20.5 mn in Series B funding to support its expansion plans. The company intends to use this funding to enter additional markets and introduce a new turnkey solution for real estate investors. Specific targeted markets and regions for expansion have not been disclosed, but the funding will aim to broaden the company’s footprint and enhance its service offerings.

## Funding rounds

- Series B, Nov 3, 2021, $21M — Citigroup, Cox Enterprises Inc., Core Innovation Capital, Impact Engine, Mark Cuban Companies, Alate Partners
- Series A, Aug 19, 2020, $4.3M — Cox Enterprises Inc., Associates Auto Club Services, Kapor Capital, Core Innovation Capital, Citi Ventures, Impact Engine, Alate Partners
- Seed, Apr 4, 2019, $5.7M — Kapor Capital, Core Innovation Capital, Techstars, Impact Engine, MetaProp, 1984 Ventures, Cox Ventures SA, Enterprise Community Partners
- Seed, Jul 16, 2018 — Techstars

## Investors

- Techstars (https://capitalatlas.ai/funds/techstars) — Seed
- Kapor Capital (https://capitalatlas.ai/funds/kapor-capital) — Seed, Series A
- Core Innovation Capital (https://capitalatlas.ai/funds/core-innovation-capital) — Seed, Series A, Series B
- Impact Engine (https://capitalatlas.ai/funds/impact-engine) — Seed, Series A, Series B
- MetaProp (https://capitalatlas.ai/funds/metaprop) — Seed
- 1984 Ventures (https://capitalatlas.ai/funds/1984-ventures) — Seed
- Cox Ventures SA — Seed
- Enterprise Community Partners — Seed
- Cox Enterprises Inc. — Series A, Series B
- Associates Auto Club Services — Series A
- Citi Ventures (https://capitalatlas.ai/funds/citi-ventures) — Series A
- Alate Partners (https://capitalatlas.ai/funds/alate-partners) — Series A, Series B
- Citigroup — Series B
- Mark Cuban Companies — Series B