Colleen AI rakes in $3.5m in seed round for rent collections

Colleen AI

Colleen AI, an AI platform specialising in optimising payment collections for the multifamily real estate sector, has bagged $3.5m.

The company has successfully raised $3.5m in a Series Seed funding round, marking an exciting milestone in its growth journey.

Wilshire Lane Capital, a venture capital firm recognised for its early-stage investments, led this funding round. Their investment was bolstered by participation from Skybox Capital, Morgan Properties (the third-largest NMHC multifamily apartments owner in the U.S.), Magnolia Capital and National Home Rentals. Interestingly, Morgan Properties, Magnolia Capital and National Home Rentals also double as Colleen AI’s customers, showcasing their faith in the product.

Colleen AI serves as an integrated platform, driven by AI, to optimise rent and debt collections for multifamily apartment managers and residents. Having already garnered a customer pipeline of over 2.5 million units, Colleen AI aims to use this funding to propel its go-to-market strategy and boost investments in product development, engineering and data science.

With an increasing focus on helping residents keep up with their rent payments and ensuring the optimum efficiency of apartment communities, the firm has carved out a significant niche for itself. It offers innovative solutions using proprietary generative AI modules that pave the way for a new breed of technological intervention in the property management sector.

Founder and Managing Partner at Wilshire Lane Capital, Adam Demuyakor, shared his enthusiasm, “Using their proprietary Generative AI modules, the Colleen team has paved the way for a new breed of innovative solutions that will help better serve our industry. We’re excited to be partnering with Colleen to make a difference for property managers and their residents.”

The Colleen AI platform takes a proactive stance in rent collection and handles collections across the entire resident journey, significantly enhancing operational efficiency and saving property management teams’ time. This efficiency is demonstrated by the reduction of unpaid rent by over 30% among property managers utilising Colleen.

Jason Morgan, Principal and President of Special Situations at Morgan Properties, endorsed Colleen AI saying, “We have experienced positive performance and have been impressed by the productive level of engagement between our residents and Colleen.”

Colleen AI, founded in 2021, has seen impressive growth. This recent funding comes at a time of expansion for the firm, which has doubled its employee headcount in the past year and is actively recruiting across sales and customer success divisions in the U.S.

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