Israeli startup that renovates properties to then rent out to residents and tenants, Venn, has recently announced the completion of a successful $40 million Series A funding round.
The investors include Pitango Venture Capital, Hamilton Lane — on behalf of the New York State Common Retirement Fund — and Bridges Israel, according to Venn. It plans to use the money to expand in the U.S. and Europe, with the view of reaching 100 cities by 2030.
The company, which describes itself as an urban-tech startup, began in 2016 in the Shapira neighborhood in south Tel Aviv, Israel. It has since expanded to Berlin and Brooklyn, and has more than six residential buildings and three shared spaces in Bushwick.
Venn runs its business by signing leases with local landlords for up to 10 to 12 years, according to the company. It then revamps the properties and leases them to “members” and commercial tenants like schools, cafés and nonprofits.
The shared spaces are made available to the members via an app, and the company says it invests revenue back into the local community by funding local businesses and “programs to minimize displacement.”
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