The Series B round was led by American venture capital firm Goodwater Capital. This is the first time it has invested in a Spanish start-up. Additional investors were Target Global and existing investors Spark Capital (which led Badi’s $10 million Series A) and Mangrove Capital.
TechCrunch reported that Badi will use the funding to increase the size of its team, up to 100 percent (it currently employs 65), improve its product offering for private and professional landlords, and redesign the app to be more user-friendly.
Badi uses artificial intelligence tools to help people find housemates with shared interests and lifestyles. It operates in Spain, France, the U.K., and Italy.
The app has more than one million active users, and more than 120,000 rooms listed (company data).
Goodwater Capital co-founder and managing partner Chi-Hua Chien (LinkedIn profile) said in a statement: “We are extremely excited to partner with Badi in their mission to solve the looming urban housing crisis — there simply aren’t enough homes in cities and housing has become too expensive. Badi provides a unique end-to-end rental platform… which has enabled them to unlock thousands of new rooms in cities around the world.”
In a post on Medium, founder and CEO Carlos Pierre (LinkedIn profile) thanked the investors for their support and praised Goodwater Capital for being “uncommonly humble”.