PadSplit raises $4.6M to expand its affordable housing marketplace

PadSplit riases $4.6 million in seed funding round

Led by Core Innovation Capital, a venture fund for companies focused on marginalized peoples, the affordable housing startup closes its latest seed funding round with $4.6 million.

Additional investors include a mix of corporate, social impact, and real estate-focused investors: Cox Enterprises, Kapor Capital, Techstars Ventures, 1984 Ventures, The Impact Engine, Metaprop and Enterprise Community Partners. Core Innovation Capital’s Arjan Schütte and Kabbage Co-Founder Kathryn Petralia, who served as PadSplit’s mentor during the Techstars Atlanta program, will join PadSplit’s board.

“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 Founder Atticus LeBlanc explained.

Two-year-old Padsplit was founded when LeBlanc, a long-time affordable housing developer, had the idea for a for-profit, tech-enabled model that turns single-family homes into affordable multi-unit houses.

The digital marketplace allows private landlords to market their homes to individuals searching for housing, pairing them by distance to work.

PadSplit requires its landlord to adhere to standards such as fire safety codes, renovations, and energy efficiency measures.

On the tenant side, a PadSplit “membership” includes rent, water, WiFi, laundry usage, and parking in one weekly payment. Members never have to sign a long-term lease, giving them more flexibility.

Members can also request maintenance and rate their roommates or landlord through PadSplit. 

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