New York-based residential leasing and marketing platform Nestio acquired an $8-million funding in the Series A round that was led by venture capital firm, Trinity Ventures.
Nestio CEO Caren Maio announced the news in a blog post on Dec. 1, Tuesday. The funding, led by Trinity Ventures, will be used for accelerating the expansion of markets, development of products and the growth of the group. Trinity Ventures have supported LoopNet, MyNewPlace, DotLoop and VTS, which are some of the largest and most successful firms in real estate technology.
Nestio was founded so that rental properties would be leased and marketed more easily and quickly. It was also expected to give more profits to the company. According to Maio, the real estate industry was originally operating with insufficient and outdated technology resulting to slow and inaccurate data. The company then built a platform enabling landlords and brokers to manage inventories as well as advertise listings while tracking leads and deals through the Internet.
"Since we launched in NYC two years ago, Nestio has quickly become the dominant residential leasing and marketing software for multifamily landlords and brokers, with almost half of the city's rental listings originating on our platform," Maio said.
The industry was just not planning to expand in different regions, but they are also planning to accelerate their product roadmap that would include tools for communication allowing clients to manage leads, appointments, and applications more efficiently.
TechCrunch reported that Nestio currently originates half of NYC's rental listings. The company also has produced over $20 million additional revenue for clients. The new fund is planned to be used for the company's expansion in Boston, Chicago, Miami and Washington, D.C.
Aside from announcing the $8million funding, Nestio also introduced its new members in the blog post. Scott Wolfgang from Quotidian Ventures, one of Nestio's investors, now serves as the new CFO. Noel Fenton from Trinity Ventures will also join the Nestio family.
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