Israeli startup Venn, which has developed a unique urban neighborhood model of apartments and shared spaces, has completed a Series A financing round, the company has announced, bringing to $40 million the amount raised to date. Investors include Pitango Venture Capital, Hamilton Lane, on behalf of the New York State Common Retirement Fund, and Bridges Israel.
Currently operating in Tel Aviv, New York, Berlin, Venn will use the investment to expand R&D capabilities, and increase operations from three cities to many more in the US and Europe, aiming to bring Venn to millions of people in 100 cities by 2030.
Venn cofounder and CEO Or Bokobza said, “We love the city. It keeps us energized and inspired. But we think it can be done differently - and better. There’s an entire generation of people searching for a more meaningful, connected way of urban living. Somewhere within the madness of city life, they want more time to see friends, explore interests, and make an impact. Venn is reinventing the urban neighborhood by equipping our community of young urbanites with the tools they need to connect, collaborate and build a home beyond their houses.”
The company was founded by three Israeli friends Bokobza, David Sheraz and Chen Avni.
Since its launch in Tel Aviv's dilapidated Ramat Shapira neighborhood in 2016, Venn has generated local economic growth by backing 35 local businesses and supported 590 neighborhood events and activities attended by 11,350 people. In 2018, Venn expanded to Berlin and New York and now has hundreds of members, employs over 70 people coming from prominent companies within the industry and manages over 1,000 units and tens of shared spaces.
Pitango cofounder and managing general partner Chemi Peres said, “When it comes to cities that are becoming homes to more people every day, investment must be sustainable and forward-thinking - there is no room for small dreams. Venn stands out from other real-estate developers or proptech startups in their belief that neighborhoods need a better business model whereby Social Return on Business is just as important as Return on Investment. Venn encourages the sector to view real estate as a long-term ongoing process and community engagement is the only way to sustainably transform developing neighborhoods. We are excited to be a part of Venn’s journey toward positive urban transformation.”
Published by Globes, Israel business news - en.globes.co.il - on June 25, 2019
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