The Israeli joint Finn company in the neighborhood raises $ 60 million

Israeli neighborhood joint venture Venn announced today that it has completed a $60 million Series B funding round led by Group 11, with participation from Pitango, Hamilton Lane and Bridges Israel. This brings the total amount raised by the company to $100 million. After recording 1,200% growth in 2020, Venn will use the new capital for significant investments in staffing, new business and US operations. This will include dozens of new R&D positions on the company’s international product engineering team, expanding Venn’s business development efforts as partnerships with property managers, and continuing capacity development with local businesses and services to create new opportunities for neighborhood engagement. In communities from Tel Aviv where it started, to Brooklyn, Kansas City, and Berlin, Venn has deployed its technology platforms, physical and virtual spaces, local programming and experience that unite in its seamless offerings as a service, or NaaS. According to Venn’s 2020 Annual Impact Report, Venn Neighbors who participated in two or more of the company’s local programs and events were 90% more likely to stay in their neighborhoods and establish roots, resulting in better business for property managers and local businesses. In 2020, Finn saw a 37% decrease in the number of people leaving their neighborhoods and a 20% increase in the number of people moving in. Finn will expand to five other cities in the US in 2021, as it continues to generate momentum and adoption. The company was founded in 2017 by three Israeli friends – CEO Or Bokobza, Chief Executive Officer Chen Avni and David Shiraz. “Loneliness was an epidemic long before the outbreak of COVID-19,” Bokoboza said. “For the past 30 years, communicating with strangers all over the world has become easier than communicating with our close neighbours. Remember when we were able to walk down the street and did you meet our friends or You go to the grocery store and you are greeted by our names? We have lost touch with something so fundamental and vital to our lives and our progress: the idea of ​​“neighbourhood.” This is the problem Venn was built to solve. We use the power of community to build better neighborhoods for neighbors, real estate developers, and local businesses alike, and we work now More important than ever.” While Venn’s goal has always been to combine the sense of belonging that a true neighborhood provides with the cutting-edge technology of the future, the challenges of the past year have accelerated demand for Venn’s offerings and prompted the company to expand its business model to establish more direct relationships with real estate developers. This combined B2B and B2C approach has played an important role in the company’s exceptional growth. Venn’s Neighborhood Platform enables more active communication between property developers, property owners and residents, and provides an unprecedented level of service and engagement through Venn-trained community managers and dedicated local events. The result is an increase of $120 in net operating income (NOI) per unit for property developers due to increased demand and retention of residents. Related Articles Neighborhood joint Venn raises $40 million Israeli startup Venn builds the neighborhoods of the future Avni said, “Over the years in our neighborhoods, we’ve learned that individual and societal levels of unity and connectivity are very accurate predictors of people’s likelihood of survival and rooting. And we’ve learned that Venn It can support three behaviors to improve people’s sense of connectedness: realistic social ties between neighbors; support for the local economy; and civil/community service.In the end, a neighborhood is created not by the people who moved there, but by the people who stayed. People want to stay and participate in their neighborhoods for the long-term.” Duffy Francis, Managing Partner at Group 11, said, “You don’t need data to know that people crave connection, but Venn’s numbers say a lot. People want to live in communities that make them feel a sense of belonging, Finn has found a way to achieve through technology, expertise and experience.” Posted by Globes, Israel business news – en.globes.co.il – June 2, 2021 © Globes Publisher Itonut (1983) Ltd. 2021