Apartment and house rental company Zeus Living earned $ 55 million in a Series C funding round, bringing the startup’s total raised to $ 125 million, the company confirmed.
The company plans to use the funding to grow its portfolio and add new features and services.
Zeus Living started out as a solution for corporate housing needs, focused on stays of 30 days or more. The company had always planned to expand this audience beyond corporate clients and is now also moving towards “FlexLiving”, its new category of housing which “requires ease and flexibility”, especially since more in addition to individuals “are looking for new experiences and have flexibility and mobility. in the way they live, ”according to a company statement.
“Before the pandemic, only about 7% of American workers worked full time from home,” according to the company. “Now the number is close to 50% of all workers. At Zeus Living, 95% of our team want the flexibility to work remotely, which we are seeing nationwide. The trend of remote working is here to stay, and that means a long-term need for flexible housing. “
“The pandemic has accelerated trends, allowing us to realize our vision faster,” a company spokesperson said in an email. For 2021, around 20% of the company’s revenue was generated from business-to-business sources.
At the height of the pandemic, Zeus Living, like many hotel companies, laid off much of its staff. But the business seems to have rebounded. By the end of the year, Zeus Living will offer approximately 5,000 apartments and houses compared to approximately 2,400 in 2019, and it currently operates in 96 US cities, including Austin, Denver, Miami, Nashville, Philadelphia and San Diego.
Zeus Living has confirmed that it has around 87% occupancy since the start of the year and that 2021 revenue per available room has increased by 21% compared to 2020. It still requires a minimum stay of 30 days to rentals, but with flexible start and end dates. The company has seen an increase in the number of residents booking leases with no predetermined end date, with an average stay of 129 nights.
SIG led this cycle, with input from Initialized Capital, CEAS Investments, TI Platform Management, NFX, Opendoor CEO and co-founder Eric Wu and Miras. His Series B tour included Airbnb as an investor.
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