A month after Venn completed a $60 million Series B round, the announcement was made public. The announcement indicates that the Israeli company Venn will receive a $10 million investment by Migdal Insurance.
Migdal Insurance sees its investment in Venn as one of the first steps in its strategy to invest in growing companies in fintech and technology.
It is also in-line with the company’s original goal of investing in the environment, society and governance as Venn is building a bridge between people and their wider community.
Venn’s total fundraising amount has grown to approximately $100 million, including the recently closed Series B.
In 2017, this startup was co-founded by Or Bokobza and Chen Avni. Currently, Venn is active in neighborhoods located in Brooklyn, Tel Aviv, Kansas City and Berlin. Venn has provided a platform that allows its partners to manage large numbers of residential units.
In 2020, Venn’s growth rate increased to 1,200%. This growth was largely driven by unusually high demand from multi-family rental property owners in The United States.
Or Bokobza, CEO and Co-Founder of Venn, commented,
“The past year proved again that Venn’s model is important and meaningful in the creation of better neighborhoods that people want to stay in, thus enabling property owners to improve their business results…Our growth over the past 10 months sharpened the need for strategic partnerships that can lead Venn to exceptional growth.”
Also, real estate owners can improve their bottom line with the management platform.
Over the last 10 months, the company has grown steadily and increasingly identified its relationship needs with strategic partners which may lead it to even more growth in the coming years.
At present, proptech startup Venn employs 60 workers and plans to hire 75 employers more. Of these new hires, 50% of the new employees will be working at the company’s R&D center in Tel Aviv. The rest will work in other locations.