Today is a momentous day for Nestio. I am proud to share the news that we’ve closed an $8 million Series A round of funding led by Trinity Ventures to accelerate market expansion, product development, and the growth of our team.
Before Nestio, the multifamily real estate industry was operating off of inadequate and outdated technology, such as siloed spreadsheets and fax machines, to manage billions of dollars of assets. This resulted in slow and inaccurate data that created massive inefficiencies including costly delays and lost revenue. Landlords and brokers spent a majority of their day verifying inventory, and renters wasted lots of time looking at inventory that was no longer available. The rental process was painful for everyone involved.
We founded Nestio to solve this. Our mission is to make the leasing and marketing of rental properties easier, faster and more profitable. We have done this by building a platform that enables landlords and brokers to manage inventory, advertise listings, and track leads and deals in the cloud – feeding real time data to the brokers, websites and consumers that rely on it. With this instant flow of data, no one has to “cross their fingers” anymore and hope that a listing is still available.
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. We have been flooded with requests for new cities and the expansion has begun. We’re not just going wider by expanding regionally, we’re also going deeper by accelerating our product roadmap to include communication tools that will empower our clients to more efficiently manage leads, appointments, applications and more.
We’re adding important new members to the Nestio team. Scott Wolfgang is joining us from Quotidian Ventures (one of our investors) as our new CFO. Scott has deep experience investing in and building successful SaaS companies like Hootsuite where he was a Board Member and investor. We will be aggressively hiring top talent across all facets of the business including sales, marketing, engineering, and product. Based on the growth of our customer base, we expect to double the size of our team in the next year. Come join us!
Trinity Ventures is the perfect partner for our next phase of growth. They have backed some of the biggest and most successful companies in real estate technology such as LoopNet, MyNewPlace, DotLoop, and VTS. Noel Fenton, a pioneer in this category and a founding partner of the fund, will be joining our board. I’m thrilled to welcome Noel and Trinity Ventures into the Nestio family.
Lastly, I would like to say thank you to everyone who has helped us get to where we are today. We have an incredible group of early clients, investors, and team members, and I feel deep gratitude that I get to work with such a smart and talented team. I am proud of what this group of exceptional people has achieved so far and inspired to embark on this next phase of growth.
We’ve only just begun.
-Caren Maio, CEORequest A Demo