Participated · Series B · Feb 2022

Funnel provides a renter-centric RMS platform that treats the renter — not the property — as the source of truth, enabling enterprise-wide visibility across the entire renter journey. Its completed front-office suite includes CRM, a virtual leasing agent, online leasing, onboarding, and a resident portal. The platform leverages AI and automation to reduce rote tasks, enable shared services and role specialization, and allow operators to move away from antiquated 1:100 leasing models to improve margins and team experience. Funnel says its centralized operating model is already embraced by eight companies that rank among the top 20 owners or operators, along with many other customers. The company is expanding its sales and marketing teams and recently added multifamily veteran Johnny Hanna to the team. Financially, Funnel announced a $32 million Series B-2 financing to expedite adoption of its new operating model. Funnel provides a full-stack, renter-centric leasing and marketing platform that centralizes leasing operations and automates the renter journey for multifamily owners and operators. Its product suite includes Engage (CRM and lead management), Amplify (natural language virtual leasing agent), Convert (online leasing with instant income verification via a FinTech integration), and Signal (listing syndication and data capture). The company emphasizes placing the renter at the center of interactions to improve leasing efficiency, reduce operational costs, and optimize marketing spend. Funnel has expanded from an apartment marketing platform founded in 2010 to a broader end-to-end leasing solution since 2018. The business reports 115% year-over-year revenue growth and has doubled headcount from 40 to 80; its platform is used by 17 of the NMHC Top 50 and Engage is deployed by 5 of the NMHC Top 20 owners. Funnel plans to develop renter onboarding, resident portal, and retention tools to complete the end-to-end renter journey. Nestio offers a next-generation marketing and leasing automation platform that streamlines the entire rental process for multifamily owners, operators and renters. The platform centralizes inventory distribution, lead tracking and management, renter engagement and touring, and delivers advanced real-time reporting within a single dashboard. Enhancements include automated workflows and machine learning to expedite responses and improve efficiency across the leasing lifecycle. CEO Caren Maio, who founded the company from a renter’s perspective, says the product aims to make finding and renting an apartment as easy as booking a hotel or restaurant. Nestio’s customers manage hundreds of thousands of listings across major U.S. markets including New York, Boston, Chicago, Houston and Dallas. The company emphasizes delivering effortless, on-demand and personalized experiences for renters while improving operator efficiency. Nestio began as a renter-focused tool and has evolved into a full-service leasing and marketing platform for residential landlords and brokers. The product allows customers to manage inventory, track leads, advertise listings, and communicate in real time with consumer-facing sites such as Trulia and Zillow. Nestio says it now originates half of New York City’s rental listings and has generated over $20 million in additional revenue for clients. The company is currently live in NYC and plans to expand to Boston, Chicago, Miami and Washington, D.C. New funding will be used to execute that geographic expansion, advance the product roadmap, and grow the sales, marketing, and engineering teams. The company also announced the addition of Scott Wolfgang as CFO; he previously worked at Quotidian Ventures and served on the Hootsuite board. Nestio launched out of TechStars in 2011 as a consumer-facing apartment search tool but pivoted in 2013 to focus on landlords and brokers. It builds back-end tools that let landlords and brokers constantly update inventory and availability in real time, replacing workflows that relied on Google Docs, faxes, phone calls and paper files. The platform has been adopted widely in New York and now handles more than 30 percent of New York’s rental market. The Real Estate Board of New York named Nestio’s platform one of four approved technology vendors. The company says it is operating “above the line” and is growing rapidly in the real estate community. Recent funding will be used to accelerate growth and add hires, predominantly on the sales side.