A rental platform that offers free service to tenants might not sound like the most lucrative business model, but one West Coast private equity firm thinks it will be.

San Francisco-based Anacapa Partners has acquired New York City’s Loftey, which aims to make the apartment hunting process easier on renters’ wallets and generate leads for agents.

er the deal, Loftey co-founder Ori Goldman will transition out of his role as CEO and co-founder Corey Lerner and managing director Ashley Messina will become co-CEOs.

Dollar figures were not disclosed, although Lerner called it “a really significant investment financially.” Messina’s LinkedIn page calls Loftey a $20 million startup that grew from eight employees in 2016 to more than 80 three years later.

Anacapa will provide the startup with operational resources, strategic advice and capital to expand when needed, said managing director Jeff Stevens.

Loftey uses technology to set up appointments, streamline the search process and organize applications and lease signings. It collects referral fees from landlords and large management companies for bringing them tenants and claims to negotiate rent savings for tenants of $25 to $200.