VERO, The Modern Leasing Platform For Owners And Renters, Announces $9M Series B Funding Round Led By Fifth Wall

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Apr 11, 2023, 09:24 ET

—Latest Investment to Expand Tech-Forward, Centralized Single Family Rental And Multifamily Platform—

NEW YORK, April 11, 2023 /PRNewswire/ -- VERO, the modern leasing platform for owners and renters, announced its most recent funding round led by Fifth Wall—the largest asset manager focused on improving, future-proofing, and decarbonizing the built world. This capital 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.

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. Since VERO's inception in 2018, the company has increased its transaction volume 500% annually, and grown its revenue 130% quarter-over-quarter. Helping property managers and renters experience leasing in an entirely new way, this latest round will bring VERO and its partners even more capabilities, adding to its robust platform and team of industry-leading veterans.

"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," shared Sarah Liu, Partner on the Real Estate Technology Investment Team at Fifth Wall. "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."

In today's 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 opaque. VERO solves for both issues simultaneously with its best-in-class infrastructure using fraud-proof screening solutions within one centralized platform.

"As one centralized hub for end-to-end leasing needs, the key experience of operators and renters is critical," said Lou Baugier, CEO & Co-Founder of VERO. "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."

VERO's latest investment follows industry-advancing announcements, including market-defining instant income and employment verification protocols and a comprehensive fraud prevention suite. 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 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. 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.

About VERO
VERO is the modern leasing infrastructure for renters and owners. Designed to automate operations and mitigate risk, VERO consolidates a broken leasing process into one simple platform. By implementing proprietary technology, VERO makes lease management easier and more affordable for property managers, while providing transparency and cost savings for renters. VERO's partners include prominent industry leaders such as Gables Residential, Beztak, and Westland. Learn more about VERO: sayvero.com.

About Fifth Wall:
Founded in 2016, Fifth Wall, a Certified B Corp, is the largest asset manager focused on improving, future-proofing and decarbonizing the built world. Since 2016, Fifth Wall has raised the third-most capital of any venture firm globally ($2.9B), according to SEC Form D filings. With approximately $3.2B in commitments and capital under management, Fifth Wall is backed by a global mix of more than 110 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Hines, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Lowe's Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. This consortium represents one of the largest groups of potential partners in the global built world ecosystem, resulting in transformational investments and collaboration with portfolio companies to cut emissions, improve efficiency, and maximize returns. Founded in Los Angeles and headquartered in New York, Fifth Wall's other offices include San Francisco, London and Singapore. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.