Rent reporting platform Boom has secured $4.5 million in a seed funding round, with participation from Plaid co-founders William Hockey and Zach Perret, as well as Starting Line, Clocktower Ventures, Company Ventures, and Gilgamesh Ventures.
Launched in late 2021, Boom enables US renters to build credit through their rent payments. The platform reports to all three major credit bureaus—Experian, Equifax, and TransUnion—and users have reportedly experienced an average credit score increase of 28 points within just two weeks of using the app.
In the past year, Boom has developed a robust subscriber base for its $2-a-month service, boasting a growth rate exceeding 450%. The company is nearing a $1 million revenue run rate and has established partnerships with significant industry players such as Progressive, Apartment List, and various national property management firms.
Rob Whiting, CEO of Boom, stated, “We invested heavily in developing our end-to-end software solution for rent reporting and the consumer app layer. Now, we’re focused on revolutionizing the entire renter experience from the perspectives of both renters and apartment operators.” He added, “This funding will help us accelerate our roadmap of housing-focused tools for renters and NOI-focused products for real estate operators.”