Jun 23, 2021, 10:25 ET
NEW YORK, June 23, 2021 /PRNewswire/ -- VERO, the modern leasing infrastructure for owners and renters, today announced a $5M Series A funding round, jointly led by Eleven Capital and Bienville Capital. Strategic investors, including LeFrak and A&E, also participated in the round. This new investment, which will be used to expand VERO's centralized product offerings and grow the team, brings the company's total funding to more than $9M. The new investment will be used to expand the team and fuel product growth.
VERO consolidates a broken leasing process in one simple platform, making lease management easier and more affordable for property managers while providing transparency and cost savings for renters. On average, it takes less than 17 minutes to apply and sign a lease with VERO–compared to the industry average of seven days. By combining each separate step of the leasing process into one centralized solution, VERO grants owners benefits including streamlined workflow, mitigated risk, and increased net asset value (NAV), while passing time savings and transparency onto their renters.
Other operator benefits include:
- More informed leasing decisions
- Digital-first accessibility
- Decreased application fraud
- Workflow automation
- Increased net asset value
"VERO's centralized solution takes the pain out of the leasing process for all parties," said Chad Pike, Eleven Capital's Founder, who has joined VERO's Board of Directors. "I couldn't be more optimistic about the positive impact VERO's platform will continue to have on the renting ecosystem, and I'm excited to be a part of the journey."
VERO has increased transactions by 500% on an annual basis, and grown revenue by 130% QoQ. Helping both property managers and their renters experience leasing in an entirely new way, the new financing will further propel VERO's vision, and support the ambitious growth to be driven by product and engineering talent. Current VERO partners include LeFrak, Stonehenge, Alfred, and FirstService Residential, among others.
"VERO has identified and solved an immense need within the multifamily rental sector," said Douglas Eisenberg, Founder and Chairman of A&E. "We're excited to take our partnership with VERO even further with a strategic investment in its ambitious vision."
"I'm humbled by the pedigree of partners that have chosen to work with VERO after deeply examining every possible option," said Lou Baugier, CEO and co-founder of VERO. "This new investment will support our ambitious goals and further deepen our product functionality and flexibility to drive value for our nationwide partners."
VERO is the modern leasing infrastructure for renters and owners. Designed to streamline and automate all operations, VERO consolidates a broken leasing process in one simple platform, making lease management easier and more affordable for property managers while providing transparency and cost savings for renters. Learn more about VERO: sayvero.com
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