Gener8tor alumni and Madison startup Abodo.com said Wednesday it has closed a $1.25 million Series A financing round.
The hyperlocal online rental marketplace's main backing came from Madison-based American Family Ventures, with additional support from Chicago's Lakewest Venture Partners and 4490 Ventures, a Madison-based information technology venture capital fund that launched earlier this year.
According to a press release, Abodo plans to use the financing to deepen its presence in its six initial markets and expand into 25 new markets. It initially launched in Madison; Milwaukee; Columbus, Ohio; Minneapolis; Pittsburgh; and Raleigh-Durham, N.C.
Abodo said Michael Taus, a co-founder of Rent.com, has joined the company as vice president of marketing to help expand the Abodo's footprint.
“Abodo is a great example of a Midwest company that understands its markets and customers as well as, if not better than, its Bay Area counterparts,” Greg Robinson, managing director of 4490 Ventures, said in a press release.
Abodo, formerly MoveInMadison.com, was one of six participants in Milwaukee- and Madison-based Gener8tor's 2012 winter accelerator program.
To date the company has raised more than $1.5 million from Gener8tor, American Family Ventures, 4490 Ventures and Lakewest Ventures, Abodo said.