VERO – a modern leasing platform for owners and renters – announced its most recent funding round led by Fifth Wall, which is the largest asset manager focused on improving, future-proofing, and decarbonizing the built world. And this funding brings VERO’s total funds raised to date to $26.7 million and will help to deepen VERO’s tech stack — optimizing the owner and renter experience.
While on the heels of a challenging year across every aspect of the real estate industry, Fifth Wall’s investment in VERO speaks to the long-term need for a tech-forward multi and single-family solution. And since VERO’s inception in 2018, the company has increased its transaction volume by 500% annually and grown its revenue by 130% quarter-over-quarter. Helping property managers and renters experience leasing in an entirely new way, this latest funding round will bring VERO and its partners even more capabilities, adding to its robust platform and team of industry-leading veterans.
In this market, owners and operators rely on risk proxies that don’t tell a complete story of who an applicant is and how they will act once they become a renter. On the other end — as an applicant — the application process can be painstakingly invasive, dated, and unclear. VERO solves these issues simultaneously with sophisticated infrastructure using fraud-proof screening solutions within one centralized platform.
VERO’s latest investment follows industry-advancing announcements like market-defining instant income and employment verification protocols and a comprehensive fraud prevention suite. And VERO will soon launch the industry’s first dynamic, conversational application for leasing, offering an omnichannel experience with AI-assisted, dynamically generated interviews.
VERO is known as the first and only tech solution in the industry to automate time-consuming tasks of verifying an applicant’s previous residency and qualifications, relieving teams from burdensome duties while accelerating the time from lead to lease. And by combining each separate step of the leasing process into one centralized solution, VERO grants owners benefits like streamlined workflows, mitigated risk, and increased net asset value (NAV), while passing time savings and transparency onto their renters and on-site property teams.
KEY QUOTES:
“We are thrilled to partner with Lou and the entire VERO team to bring a category-defining platform to the $3B residential leasing software market. Mitigating lease application fraud is paramount to ensuring owners’ fiscal security and enhancing trust between owners and tenants. VERO’s streamlined platform embeds renter financial and insurance products with robust verification tools to unify what is currently a disparate set of points solutions. It is shepherding in a new generation of leasing — enabling renters to get approved faster and allowing owners to make data-driven decisions.”
— Sarah Liu, Partner on the Real Estate Technology Investment Team at Fifth Wall
“As one centralized hub for end-to-end leasing needs, the key experience of operators and renters is critical. We’re investing in what our customers want and need the most: customizable solutions that provide a streamlined experience, increased net asset value, and transparency for all involved.”
— Lou Baugier, CEO & Co-Founder of VERO
