Obligo Raises $35M to Expand Its Security Deposit Solutions Across Millions of U.S. Homes
Co-led by 83North and True Global Ventures, the funding will accelerate the expansion of strategic partnerships and the launch of additional products.
NEW YORK, Oct. 21, 2024 /PRNewswire/ -- Obligo, the fintech company that builds trust between renters and landlords through its suite of flexible security deposit solutions, announced today that it has secured $35M in new funding. The investment comes as Obligo experiences a period of rapid growth, driven by recently announced partnerships with property management software companies AppFolio, Buildium, and Yardi.
The funding round, co-led by True Global Ventures and 83North, will fuel the company's continued product innovation, IP development, and expansion of strategic partnerships as it moves closer to achieving profitability. Additional equity and debt investors participating in the round include 10D, Entrée Capital, HighSage Ventures, MUFG Innovation Partners, and Viola Credit.
"This investment is a testament to the market's confidence in our machine learning technology, API-first distribution strategy and our vision for the future of renting," said Roey Dor, CEO and Co-Founder of Obligo. "The value is clear: a recent survey showed that 55% of renters cited Obligo as a key factor in selecting their current home. With these additional resources and our recently announced property management software partnerships, we are uniquely positioned to become the top deposit solution for millions of U.S. homes."
As part of this funding round, Obligo proudly welcomes Lilia Shirman, Partner at True Global Ventures, to its Board of Directors. "Obligo is a game-changer for leveraging machine learning and AI in real estate. The company's growth and strategic channel partnerships are evidence of the tremendous value they deliver to renters and property managers alike." said Shirman. "We are excited to partner with Obligo to catalyze its vision for creating unprecedented trust and flexibility in the residential rental market."
For more information, visit myobligo.com.
About Obligo
Obligo harnesses financial technology to build trust between renters and landlords, making the move-in and move-out process as simple as checking in and out of a hotel. As the first security deposit alternative utilizing bank-issued Letters of Credit supported by Wells Fargo, Obligo uses Open Banking and AI to determine renters' eligibility to rent deposit-free.
Founded in 2018 by brothers Roey Dor and Omri Dor, Obligo is bringing its industry-changing rental solutions to millions of homes across the United States.
About 83North
83North is a global venture capital firm. The firm invests across all stages, in exceptional entrepreneurs focusing on building global category leading companies. For more information visit www.83north.com and follow @83NorthVC on Twitter.
About True Global Ventures
True Global Ventures is a global venture capital firm with two actively deploying funds: TGV 4 Plus Fund (early stage) and TGV Opportunity Fund (late stage). The firm focuses on partnering closely with fast-growing, technology-driven businesses driving transformative change in business efficiency, financial services, sustainability, and other emerging sectors, and has a strong track record in enterprise AI and blockchain investments. For more information, visit www.tgv4plus.com.
Media Contact
Keegan St. Onge-May
Obligo
[email protected]
207-650-5071
SOURCE Obligo
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