Bungalow Raises $47 Million To Prove Co-Living Is Not The Next Co-Working

It should have been a hard sell. Public markets had received Uber and Lyft’s IPOs poorly in the spring given the services’ lack of profitability. By fall, WeWork’s IPO was collapsing as it continued to burn money on its business of leasing properties and turning them into co-working spaces. But Bungalow’s cofounder and CEO Andrew Collins believed his co-living business—which uses a similar model of subdividing homes and renting out the rooms—was different. Private market investors, at the very least, agreed.