Trinity Ventures led an $8 million Series A funding round in Nestio, a leasing and marketing platform for residential landlords and brokers. Existing investors Freestyle Capital, Joanne Wilson, David Cohen and Mike Lazerow participated in the funding round. Scott Wolfgang, former partner at Quotidian Ventures, joined the company as chief financial officer. Noel Fenton, founder and general partner of Trinity Ventures, joined Nestio’s board.
Nestio, the fastest-growing leasing and marketing platform for residential landlords and brokers, announced today that it has raised $8 million in Series A funding led by Trinity Ventures. Investors from Nestio’s previous financing, including Freestyle Capital, Joanne Wilson, David Cohen, and Mike Lazerow, also participated.
In just two years, Nestio has generated more than $20 million in additional profits for clients while capturing 40 percent of residential listings and reaching more than 80 percent of all brokers in NYC. Nestio’s SaaS platform has become the dominant system for residential real estate professionals because they can manage inventory, track leads and deals, advertise listings and access performance analytics in real time, all in one place. The rental process is streamlined and properties are filled faster.
“Using Nestio has completely changed our business,” said Ashley Wirkus, Leasing Director of Two Trees Management Co., which owns and manages more than 2,000 apartments throughout New York City. “We now have an integrated platform that meets all of our leasing needs. Nestio has become the front-end of our daily operation and I cannot imagine how we functioned without it.”
Likewise, Zach Padilla, Marketing Manager of Windsor Property Management Co., said, “When I walk into the office, the first thing I do is open Nestio. I use it throughout the day, and it’s the last thing I use before I leave the office.”
With the additional funding, Nestio plans to invest in advancing its product roadmap; growing its existing engineering, product and sales teams; and accelerating expansion into new markets next year, including Boston, Chicago, Miami, and Washington, D.C.
Nestio also announced that Scott Wolfgang has joined as the company’s first Chief Financial Officer. He previously was a partner at Quotidian Ventures and a vice-president at Hearst Ventures where he was the first investor in and board member at Hootsuite.
Noel Fenton, founder and general partner of Trinity Ventures and one of the world’s pioneers in real estate technology investing, will join Nestio’s board of directors. Trinity Ventures is a leader in real estate technology, having previously invested in companies such as LoopNet, DotLoop, MyNewPlace, and VTS.
“As an investor, I look for smart teams building sticky platforms that address obvious but underserved markets,” Fenton said. “In my 20-plus years of real estate technology investing, I have evaluated nearly every company of importance in this space and am confident that Caren and the Nestio team are building the defacto platform that meets the needs of residential real estate professionals in a way no one else can.”
“In less than two years, we have become the system of record for the most prominent landlords and brokers in NYC,” said Nestio CEO and co-founder Caren Maio. “With this infusion of talent, expertise, and funding we’re ready to rapidly bring our platform to other markets and invest substantially in our product roadmap, to capitalize on the enormous opportunity we’ve unlocked.”
For more of founder and CEO Caren Maio’s perspective on this funding announcement, read her blog post here.
Nestio is the dominant provider of cloud-based software for residential multi-family landlords and brokers to manage their leasing and marketing operations. Nestio enables residential professionals to manage inventory, track leads and deals, advertise listings and access performance analytics – in real time, from one platform. The result is landlords and brokers save time and make significantly more money by communicating information more efficiently, thus renting inventory faster. Nestio currently operates in New York City and will soon expand into Boston, Chicago, Miami, and Washington, D.C.