Dealflow | April 24, 2019

PadSplit raises $4.6 million to match tenants with affordable housing

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, April 24 – Atlanta-based PadSplit launched in 2017 with a goal of improving low-income individuals’ access to affordable housing by managing single family home rentals. The company has raised a $4.6 million seed round led by impact investment firm Core Innovation Capital. 

PadSplit lists individual rooms in each home for rent, and then manages the entire rental process for homeowners. For prospective tenants, PadSplit matches them with rooms close to where they work, and charges them a weekly rental fee, which includes utilities, laundry and internet.

The company manages 200 units in 30 houses in Atlanta and plans to launch in other cities this year, Hypeopotamus reports.

In addition to Core’s investment, impact investors Enterprise Community Partners, The Impact Engine and Kapor Capital also backed the round. “We were very focused on investors that we thought could add either significant value or credibility. We didn’t want to sacrifice quality of our mission here,” PadSplit’s Atticus LeBlanc said.

Techstars Ventures, Cox Enterprises, 1984 Ventures and Metaprop also invested.