Cozy is raising more money to help fuel development of its property rental management platform.
The Portland-based startup has raised another $3.4 million from existing investors like Slack co-founder Stewart Butterfield, angel investor Jason Calacanis, and General Catalyst Partners. This particular round, which pushes total funding to $9.8 million for the 3-year-old company, also included participation from Bend, Ore.-based Seven Peaks Ventures.
Cozy helps landlords in all 50 U.S. states screen tenants, check credit, and collect rent online — both from desktop and mobile. The company offers its service for free to both landlords and tenants, but does charge for credit reports and background checks. Its software is used by 30,000 property management companies and independent landlords in 4,000 cities across the country.
Co-founder and CEO Gino Zahnd told GeekWire that part of the fresh funding will be used to bring on more employees and target a new customer audience: professional property managers.
“We designed Cozy for independent rental owners and tenants, but the simplicity and efficiency of our tools has garnered attention from industry professionals as well, and we have quickly been pulled upstream this year,” Zahnd said. “The next period of time will be spent addressing the headaches property managers deal with, and we’ll do it in equally elegant ways.”
Cozy, which originally launched in San Francisco but re-located its HQ to Portland in 2013 because it was easier to hire engineers, currently employs 20. Zahnd said the team will grow by 20 percent this quarter.
“We’ve seen a clear inflection point with growth and revenue over the past year, and are putting everything we have into growing the business and releasing new products and features,” he added.
As a result of the new funding, Seven Peaks Ventures General Partner Dino Vendetti has joined the company as a Board Observer.