posted at 22:00
Author: Richard Byrne Reilly
Thu, 31 Jul 2014 04:55:46 +0000
Abodo Raises $1.25 million for its upscale apartment service for college students
Abodo, a niche virtual service targeting college kids looking for more than just a cheap flophouse to live in, secured $1.25 million in venture funding Wednesday in a round backed by American Family Ventures, 4490 Ventures, and Lakewest Venture Partners. Abodo is based in the college town of Madison, Wisonsin. The idea for Abodo came about because co-founder and chief executive Alec Slocum couldn't find adequate listings when he was searching for an upscale flat in town. Craiglist wasn't working for him, so he launched Abodo. Abodo makes money by working directly with the landlords of the these so-called upscale apartment buildings, charging them a fee for every referral they make. The niche idea that is Abodo seems to be catching on, according to Slocum, who points to his 500,000 users and revenue growth that has increased 24 percent from the year prior. The amiable Slocum and his pals first built a virtual digital index of properties they specifically were looking for, and from that, Abodo was born. Interestingly, Abodo recently hired co-founder Michael Taus as their marketing veep.

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