“100” Secures Record $5.2M Pre-Seed Funding to Revolutionize Rental Screening
Image: 100
In a groundbreaking move for the proptech sector, New York-based startup 100 has raised $5.2 million in pre-seed funding, the largest of its kind in the U.S. proptech space. Led by notable investors such as MetaProp and Freestyle Capital, this funding will support its efforts to streamline and secure the multifamily rental application process.
Highlighting 100's innovation is the launch of Verified Renter Network, a cutting-edge system developed in partnership with CLEAR, the secure identity company. Inspired by CLEAR's airport security technology, this network aims to simplify renter controls and reduce fraud. By offering a verified identity system for tenants, landlords can more easily identify low-risk applicants, significantly reducing the chances of fraud and speeding up the entire rental process.
With rental fraud affecting more than 93% of multifamily operators last year, its Verified Tenant Network is set to be a game-changer. Tenants undergo a rigorous background check and, once verified, benefit from faster processing of applications, while landlords can save time and costs.
100's founders, Caren Maio and Vishal Patel, have leveraged their extensive experience in the real estate industry to create a platform that is transforming the rental landscape. With this new standard of identity verification, they are making the rental process smoother, faster and more secure for both tenants and landlords.
This major funding round not only marks a new milestone for proptech startups but also signals the increasing demand for innovation in the rental industry. The company’s upcoming developments, including further enhancements to its screening and leasing tools, are poised to have a lasting impact on the real estate sector.
