Gen Z careers now begin with internships, short contracts, and moves between cities, yet most landlords still demand a 12-month lease and income worth 40 times the monthly rent. With Manhattan rents averaging $5,500 and entry-level pay growing at half the pace of rent, young renters stopped waiting for the traditional market to adapt and built a shadow market of their own across Facebook groups, Instagram, and WhatsApp. snag gives that informal market the structure it lacks, filling the gap between short-term platforms like Airbnb and long-term listing sites like Zillow. The Brooklyn-based marketplace focuses on rooms, sublets, and lease takeovers, verifies every lister by matching a 3D face scan to a government ID, holds rent and deposits in escrow, and builds video calls and optional background checks into the booking flow. AI agents turn three photos into a complete listing with pricing and a written description, then nudge renters and listers toward an agreement directly in the chat. Since launching ten months ago, snag has grown 30% month-over-month to more than 4,500 New York City listings, and the average listing finds a renter in three days.
AlleyWatch sat down with snag cofounder and CEO Selin Sonmez to learn more about the business, its future plans, recent fudning round, and much, much more…
Who were your investors and how much did you raise?
We raised a $4M Seed round led by Slow Ventures, with participation from Precursor Ventures, Long Journey Ventures, and Chamaeleon. We also brought on a strong angel roster including Brian Kelly (The Points Guy) and Sloane Stephens. The round closed in ten weeks and was oversubscribed.
Tell us about the product or service that snag offers.
snag is a marketplace where Gen Z finds affordable, flexible housing, without signing a traditional year-long lease. About 80% of our listings are rooms, because that’s the most affordable way to live in the city, and no traditional residential platform will list a room.
The platform matches renters with listings, facilitates peer-to-peer agreements, and processes rent and security deposits through escrow so no money ever moves through Venmo or disappears into the void. Every listing requires ID verification with a real 3D face scan matched to a government ID, with optional background and credit score checks. Video calls are built in so renters and leaseholders can meet before committing and our AI agent actively nudges conversations toward that step.
On the listing side, you take three photos, and our AI creates a listing for you including pricing suggestions, written description, and amenity checklist. Renters only need to put down a security deposit to book; first month’s rent is charged three days before move-in. No first, last, and security upfront. No 40x the rent income requirements. The average listing gets snagged in three days.
