Startup 100, a software platform focused on multifamily rentals, has raised $5.2 million in its pre-seed funding round. The company is also partnering with identity verification firm Clear to roll out a fraud prevention service for renters.
Investors, including MetaProp, RiverPark Ventures, Freestyle Capital, and Contest Point, along with several multifamily property operators, participated in the round. This marks one of the largest pre-seed fundraisings in the U.S. proptech sector. The company, founded by Caren Maio, Vishal Patel, and Shawn Sullivan, aims to tackle challenges like rental fraud and unpaid debts that affect the multifamily rental market.
The platform, called the Verified Renter Network, seeks to simplify the rental application process by integrating fraud detection tools. This system functions similarly to TSA PreCheck, where it aims to verify the authenticity of rental applicants early in the process. Clear, which has experience working with the Transportation Security Administration, is expected to play a critical role in this verification process.
More than 93% of property owners experienced some form of rental fraud in the past year, and 70% dealt with identity theft, according to data from the National Multifamily Housing Council (NMHC). 100 aims to address these issues through its technology.
Caren Maio, CEO of 100, stated, “Our goal is to build trust and reduce friction in the rental process. The Clear partnership allows us to offer a solution that helps verify renters efficiently, ensuring qualified applicants can easily navigate the system.”
Maio, formerly CEO of Funnel Leasing, and Vishal Patel, who previously held a leadership role in engineering at the same firm, bring over a decade of experience in multifamily technology. Their expertise in rental marketing, lead management, and online leasing has shaped the development of the Verified Renter Network.
Zach Aarons, general partner at MetaProp, said, “The combination of Clear’s identity verification technology and 100’s experienced team positions this company to make a real impact on the rental industry.”
Maio’s decision to launch 100 came after a series of conversations with multifamily property owners, who consistently pointed to fraud and unpaid rent as significant challenges. This feedback guided the development of the Verified Renter Network.
Maio added, “Clear’s expertise in aviation security made them a natural fit as a partner. If someone can be cleared to fly, they should also be cleared to rent an apartment.”
With a team of 10 employees, 100 is now focusing on the implementation of its platform in partnership with multifamily property owners.
Guntram Weissenberger, president of Westover Companies, which manages 17,000 rental units, noted, “The Verified Renter Network streamlines our tenant verification process. It has already improved the experience for both our team and prospective renters, while reducing time and cost.”
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By Proptechbuzz
By Ravi Kumar
