PropTech company VERO, which stylises itself as a modern leasing platform for owners and renters, has secured $9m in a Series B led by Fifth Wall.
The capital will enable VERO to deepen its technology stack and optimise the owner and renter experience. It will also help VERO add new capabilities, bolster its platform and hire more staff.
VERO claims to be the first and only tech solution in the industry to automate the verification of an applicant’s previous residency and qualifications. The centralised solution provides clients with streamlined workflows, mitigated risk and increased net asset value.
Its platform also helps to eliminate application fraud and protects rental income by using advanced data sets and verifications.
Since its inception in 2018, VERO has increased transaction volume by 500% annually and grown its revenue by 130% quarter-over-quarter.
Fifth Wall partner Sarah Liu said, “We are thrilled to partner with Lou and the entire VERO team to bring a category-defining platform to the $3B residential leasing software market.
“Mitigating lease application fraud is paramount to ensuring owners’ fiscal security and enhancing trust between owners and tenants. VERO’s streamlined platform embeds renter financial and insurance products with robust verification tools to unify what is currently a disparate set of points solutions. It is shepherding in a new generation of leasing — enabling renters to get approved faster and allowing owners to make data-driven decisions.”
With this fresh investment, VERO has raised a total of $26.7m to date.
In other PropTech news, mortgage intermediaries platform Acre secured £6.5m in funding to grow its tech platform and change the home buying process.
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