Madison-based Abodo raises round
Adobo, a Madison, Wisconsin-based startup, raised $3.6 million in early stage venture series B funding last month from undisclosed investors. Abodo identifies apartments for users to rent in and around popular areas. One of its tools enables searches for affordable off-campus apartments near popular colleges, such as Ohio State University, the University of Minnesota, and…
Adobo, a Madison, Wisconsin-based startup, raised $3.6 million in early stage venture series B funding last month from undisclosed investors.
Abodo identifies apartments for users to rent in and around popular areas. One of its tools enables searches for affordable off-campus apartments near popular colleges, such as Ohio State University, the University of Minnesota, and the University of Illinois.
Another important feature is the use of its search engine to identify apartments for lease in popular cities such as Athens, Georgia; Champaign, Illinois; and Madison, Wisconsin.
Leasing agencies using the Abodo platform can attract renters to fill vacancies with targeted ads and augmented listing with interactive media. Abodo has extended its offering to include helpful 3D tours of prospect apartments through its website, in-person tours, and an easy-to-use mobile app that allows users to search for and receive updates on-the-go, features adding appeal to use by college students.
The company, when founded in 2011, partnered with thousands of real estate agencies and apartment managers to help consumers find listings through Abodo’s website. The company has gradually expanded to other parts of the country with a focus on making it easier for people, particularly college students, to finding listings. The new infusion of funds will help Abodo expand its features to even more colleges across the country.
Co-founders Alec Sloman, Chad Aldous, and Adam Olien started their company to facilitate the process of apartment-hunting they experienced after graduating from college. They wanted to eliminate the process of driving through neighborhoods and past apartment complexes searching for “for rent” signs. They knew there had to be a better way, so they founded Abodo. They started the initial business in Madison to compile a database of listings into a helpful interface for consumers who are looking for places to live. in similar situations as they were, college students.
Investors in Abodo’s previous rounds included Service Provider Capital, Flyover, Dundee Venture Capital, American Family Ventures, 4490 Ventures and The Wisconsin Economic Development Corporation (WEDC).
WEDC, an important piece in the entrepreneurial ecosystem of the Great Lakes region of the US, has played a prominent role in boosting the Wisconsin ecosystem, especially by helping new companies with potential get off the ground; examples include PreventionGenetics, Gamber-Johnson, and Fasetto. As a member of the WEDC family, Abodo has the potential to become one of the top companies in their industry.
Visit www.abodo.com to learn more about this company.
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