Information on the Target

Kiki, formerly known as EasyRent, is a private peer-to-peer subletting platform designed to facilitate connections between individuals looking to sublet their rental homes. With its origins in Wellington, Kiki was founded as a university business and later expanded its operations to Sydney, where it raised AU$120K and achieved remarkable growth, generating AU$3.5M in gross merchandise value (GMV) and AU$350K in revenue. Although the venture became profitable, the founders opted to cease operations in Sydney to concentrate on launching in New York City, aligning with their insight that success in the subletting sector hinges on dominating major U.S. cities.

Industry Overview in the Target’s Specific Country

The peer-to-peer subletting industry in the United States is rapidly evolving, driven by shifting housing trends and a growing demand for flexible living arrangements. As urban centers become hubs for transient workforces and tourism, there is an increasing appetite for short-term rental solutions that offer affordability and convenience. Kiki's approach to short-term subletting—catering to rentals ranging from one to three months—positions it well in a competitive market that is becoming increasingly saturated with traditional rental platforms.

Moreover, the emergence of technology has enabled improved matching processes between renters and subletters, enhancing user trust through social connections, thereby addressing many of the