US-based rent reporting platform, Boom, secures $4.5m in seed funding round
Summary
Boom, a rent reporting platform, has successfully garnered $4.5m in a seed funding round. Launched at the end of 2021, the company has seen considerable success, reporting to all three credit bureaus Experian, Equifax, and TransUnion. According to Boom, users have seen an average increase of 28 points in their credit scores within just two weeks of using the app.The fresh funding is expected to be channelled into developing and launching housing-focused tools for renters and NOI-focused products for real estate operators. Over the last year, Boom has built a strong subscriber base for its $2-a-month offering, experiencing a growth rate of over 450%. Its approaching a $1m revenue run rate and has formed partnerships with industry heavyweights such as Progressive, Apartment List, and national property management companies.Boom CEO Rob Whiting said, We invested heavily into building our end-to-end software solution for rent reporting and consumer app layer and now were focused on revolutionising the entire Renter Experience, from both the renter and the apartment operator perspective.