New York-based marketplace snag has secured $4 million in a seed funding round led by Slow Ventures. The round, which closed in ten weeks, saw participation from Precursor Ventures, Long Journey Ventures, Chamaeleon, and angel investors including Brian Kelly and Sloane Stephens.
The platform focuses on sublets, room rentals, and lease takeovers, aiming to provide structure to the informal housing market. It features AI-driven listing creation, mandatory 3D face scan ID verification, and escrow services for rent and security deposits to replace traditional lease requirements.
Since its launch ten months ago, the company has achieved 30% month-over-month growth, reaching over 4,500 listings in New York City. The platform charges a 10% fee on all transactions, and the average listing is typically rented within three days.
The startup plans to expand beyond New York to a second city in the near future. Additionally, it is developing a content club program designed to allow creators to earn income by assisting their communities with housing searches.
