100, a multifamily rental software startup has secured $5.2 million in pre-seed funding. Besides this, the company also partnered strategically with CLEAR, a secure identity company, to launch the innovative Verified Renter Network.
The investment came from MetaProp (which invested in Doorstead), Freestyle Capital (which invested in BACH and Grain), RiverPark Ventures, Contest Point, and a strategic coalition of top multifamily operators across the country. That marks the largest and most significant pre-seed raise in the history of the U.S. proptech space, and the company is effectively developing a sort of “TSA PreCheck” for rentals.
The funding will be deployed to develop and enhance the 100 offering, Verified Renter Network, and invest in new team members, an effort that is well underway.
“There is no better team to bring this much-needed solution to market and make the rental process void of friction and fraud. CLEAR’s partnership, the launch of the Verified Renter Network, and the 100 team’s experience make them unstoppable,” said Zach Aarons, General Partner at MetaProp. “100 is one of those rare companies that can change the rental landscape as we know it.”
Role of Verified Identity
The rental market accounts for billions of dollars in annual transactions globally but faces fraud and debt issues. More than 93% of owners experienced fraud in the last 12 months, and 70% experienced some form of identity theft, according to a recent survey from the National Multifamily Housing Council (NMHC). Verified identity can transform the real estate sector by unlocking a more seamless, efficient, and secure application experience.
Identifies individuals with minimal risk
The newly launched Verified Renter Network identifies individuals who present minimal fraud and security risks to property owners and operators. It provides renters with a streamlined application and screening process, making it faster and easier to find their next home.
To become a Verified Renter, individuals must undergo a background check and meet specific standards set by a consortium of real estate owners and operators. Once verified, renters benefit from a quicker process, while property owners save time and reduce costs due to the lower risk of fraud and the higher payment rates of Verified Renters.
How is it beneficial?
New York-based 100 and CLEAR aim to transform how prospective renters apply for housing by leveraging verified identities powered by CLEAR’s universal identity platform technology.
CLEAR, the secure identity company, at the airport – it helps passengers speed through the security line and get to their gates sooner while also ensuring everything remains safe and secure. What if you could apply the same augmentation to the rental process? That’s exactly what 100 — a first-of-its-kind, multifamily rental software platform — plans to do.
Recently, CLEAR Members can enroll in the Verified Renter Network with just a few clicks. For a limited time, CLEAR Plus Members can enroll for free.
“100 represents much-needed relief for multifamily operators burdened with record levels of fraud and debt. We are setting a new standard in the rental application and screening process, and I’m thrilled to join forces with CLEAR to do it,” said Caren Maio, Co-Founder and CEO of 100. “By leveraging CLEAR’s networked identity solution, we are setting a new standard for efficiency and security in residential real estate. This partnership is game-changing.”
Identify verification for proptech
Founded by Caren Maio and Vishal Patel, 100 has created billions of dollars in enterprise value, bringing decades of experience in multifamily marketing, lead management, and online leasing. Leveraging identity verification and fraud prevention technology, 100 is creating a new standard in the rental process that eliminates fraud, friction, and bias.
Built and backed by some of the industry’s most successful operators, 100 flips the rental game on its head, making screening faster, easier, and more accurate than ever.
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