A New York Metropolis-based software program firm for the multifamily business, referred to as 100, has emerged from stealth mode with a $5.2 million seed spherical of financing.
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A New York Metropolis-based software program firm for the multifamily business, referred to as 100, has emerged from stealth mode with a $5.2 million seed spherical of financing, Inman has discovered.
Its emergence is buoyed by a partnership with establish verification platform CLEAR, acquainted to most for its use in airports.
In accordance with an Oct. 8 press launch, the partnership will energy the discharge of 100’s Verified Renter Community, a system that “streamlines the rental application and screening processes with advanced, fraud-resistant security features.”
The corporate’s funding was supplied by MetaProp, Freestyle Capital, RiverPark Ventures and Contest Level. A frontrunner was not recognized. The discharge mentioned a bunch of “top multifamily operators across the country” contributed as properly.
An organization spokesperson mentioned the identify stems from an business idea that comes from “100 percent security, providing 100 percent peace-of-mind for renters and 100 percent confidence for multifamily operators.”
The corporate’s worth proposition is bolstered by statistics from the Nationwide Multihousing Council on renter fraud. A January 2024 survey by the business group discovered that “more than 93 percent of owners experienced fraud in the last 12 months” and that greater than 84 p.c of that group skilled “applicants falsifying or fabricating pay stubs, employment references or other income documentation.”
Caren Maio is 100’s co-founder and CEO. In an announcement, she mentioned her firm’s software program will provide “much-needed relief” for rental property homeowners and operators.
“We are setting a new standard in the rental application and screening process, and I’m thrilled to join forces with CLEAR to do it,” Maio mentioned. “By leveraging CLEAR’s networked identity solution, we are setting a new standard for efficiency and security in residential real estate. This partnership is game-changing.”
The Verified Renter Community is designed to mix id verifcatyion with the leasing course of, beginning with the residence person, who can register with a proper background examine. That course of will confirm the person utilizing CLEAR’s course of blended with greatest practices from landlords and property operators.
“Once verified, renters benefit from a quicker process, while property owners save time and reduce costs due to the lower risk of fraud and the higher payment rates of verified renters,” the press launch acknowledged.
Showdigs, an AI-powered rental business utility, was additionally funded by MetaProp, in 2022.
Know-how is transferring swiftly into the rental market, with quite a few fast-moving entities fixing legacy processes, comparable to lead seize, tour scheduling, collections and utility processing.
One of many leaders within the area, RentSpree, launched an anti-fraud initiative in August, an revenue verification part in partnership with Finicity, a Mastercard firm. The method hyperlinks RentSpree’s ApplyLink with the person’s checking account to seize 12 to 24 months of transaction information, a follow that’s been handbook, paper-based and depending on credit score companies since turning into a standard a part of renter approval.
Current CLEAR members can register on 100’s community. The corporate is now accumulating early-interest customers through its web site.
