June, a proptech company aimed at improving the rental experience, has achieved EBITDA profitability with annualized revenues surpassing $54 million while sustaining a growth rate of more than 60% year over year.
Additionally, June has promoted chief operating officer Mauricio Zuniga to CEO, replacing Dan Mishin who will remain chairman of the board. To scale its growth, the company will seed NextStory Capital to acquire urban multifamily assets to be operated by June. NextStory Capital is led by co-founder and CEO Daniel Cohen.
“I'm extremely proud of the team's ability to build one of the first large profitable proptech companies. Despite all the volatility of market cycles, this team has stayed laser-focused on what's important—customer experience, asset-light growth, profitable unit economics, and adding long-term value to our owner-partners,” says Mishin. “I'm very excited for the new phase of growth for both June and NextStory and am a huge believer in Mauricio's and Dan's ability to execute the long-term vision for both companies.”
June, which provides renters with flexible apartment leases of one to 18 months that can be rented furnished or unfurnished at a discount to corporate housing, also enables smaller landlords to achieve institutional-like returns from their real estate portfolios by using June’s flexible living brand, proprietary tech engine, and by eliminating their expenses on various middlemen. June serves tens of thousands of tenants across Boston, Chicago, Los Angeles, New York City, San Francisco, and Washington, D.C.
“I know I speak for everyone at June in thanking Dan for his leadership and tireless devotion,” says Zuniga. “I am honored and privileged to lead our extraordinary team of talented, passionate, and high-achieving professionals. We will continue to innovate to deliver exceptional experiences to our residents and drive above market returns for our landlord partners. June plans to expand its footprint from 3,000 to 15,000 units in target markets, including New York, Boston, Washington D.C., and Chicago, in the next four years.”
Playing a significant role in June's strategic growth, NextStory Capital will act as a PropCo (property-owning company) to June’s OpCo (operating company). NextStory Capital will acquire Class B urban residential assets and June will manage those properties, driving significant above-market revenue and net operating income (NOI). The arrangement will enable NextStory Capital to enhance the value of its real estate portfolio while rapidly growing June’s inventory and offerings to its customers.
NextStory Capital plans to make its first acquisition in New York City this year. "June and NextStory Capital together as an OpCo/PropCo partnership presents an opportunity to provide unparalleled value to our customers, partners, and investors," says Cohen. “I am thrilled that we have structured a relationship that maximizes collaboration, aligns incentives, and creates significant scaling opportunities for both platforms. NextStory will deliver consistent, valuable inventory, helping June scale quickly, while June can create NOI premiums in NextStory Capital’s assets, creating value for NextStory’s investors.”
To date, June has raised over $60 million with support from Softbank Ventures Asia, FJ Labs, Quiet Capital, K50, TQ Ventures, Altair Capital, Olive Tree Capital, HR Capital, and others.
"June sets itself apart from other proptech companies by understanding the importance of staying extremely focused on what’s important—customers, profitability, technology-driven competitive advantage, and a truly scalable capital model," says Matt Humphrey, partner at Quiet Capital. "We are grateful for Dan’s leadership as CEO since the day June was founded, and we welcome his continued role as chairman of the board going forward. Together, we expect both companies will scale effectively and continue to deliver an exceptional experience to both renters and landlords across the country."
