How Room8 Is Optimizing Co-Living With Roommate Matching And Apartment Search

By Annie Baker ● Jan 7, 2020
  • Room8 is a popular roommate matching and apartment search company. These are the details about the company.

ROOM8 is a popular roommate matching and apartment search services announced it has raised an initial set of funding. And ROOM8 is planning to expand to include new hires and increased platform capabilities.

ROOM8 is a byproduct of the CSAA Insurance Group’s Innovation initiative. And the company is led by co-founders Jessica Chen, Alexis Valerio, and Dan Mathews.

“We’re using technology to solve two of the biggest problems Millennial and Gen Z renters face today: putting nearly half of their income toward rent while balancing enormous student debt, and the sheer lack of solutions to address all of their unique rental needs,” said Chen, CEO at ROOM8. “It can take months to find the right place and roommate, and even then, there can be more hoops to jump through before move-in. ROOM8 is solving these issues by streamlining the process and finding compatible roommates to help cut rent in half.”

The ROOM8 team is working on setting up a comprehensive alternative to the myriad of apps and websites Millennial and Gen Z renters. And the company’s platform uses a proprietary roommate-matching algorithm to connect users, recommend rentals, and meet rising trends in co-living.

“Storm Ventures is excited to partner with ROOM8 as they create co-living solutions for their customers,” added Tae Hea Nahm, co-founding Managing Director at Storm Ventures. “Their team is addressing a quickly changing housing and financial culture, and with this new capital, we believe ROOM8 is well-positioned to support a new era of co-living,” adds Frederik Groce, a Senior Associate at Storm Ventures.

ROOM8 is similar to a dating app as it recommends compatible roommates at no cost to users. And the app also allows users to browse potential roommate profiles, safely and securely video-chat with other users and review a real-time inventory of apartments and schedule tours with landlords.

The company has plans to launch additional services in the coming year. And ROOM8 has already found support from powerful investment partners who share the vision of the company for improving fair and equitable access to affordable financial tools to Millennial and Gen Z renters globally.

“Investing in ROOM8 reflects our commitment to improving lives through data and AI, enabling people to find safe and secure housing,” explained Sanjiv Parikh, Managing Partner at Avanta Ventures. “Avanta Ventures invests in technologies that transform the customer experience, and our partnership with ROOM8 is a prime example.”