Migdal Insurance investing $10 million in proptech startup Venn
The announcement comes one month after Venn completed a $60 million Series B round
Migdal Insurance will invest $10 million in the Israeli company Venn as part of the startup’s current fundraising efforts, which have already pulled in $60 million in a Series B round. This takes Venn’s total fundraising to date to $100 million.
Venn offers neighborhood residents a technological platform that promotes real and virtual world interactions between neighbors and neighborhoods by combining a set of advanced digital tools, community experts, community managers, and by creating physical spaces and events locally customized. The goal of the company is to create a sense of belonging for the residents and strengthen the business activity for its partners. The company was founded in 2017 by Or Bokobza (co-founder and CEO) and Chen Avni (co-founder and CPO) and is active in neighborhoods in Brooklyn, Tel Aviv, Kansas City, and Berlin. The platform allows its dozens of partners to manage thousands of residential units. The company’s growth rate shot up by 1,200% in 2020, fueled by unusually high demand among owners of multi-household rental properties in the United States.
Venn co-founders Or Bokobza and Chen Avni. Photo: Venn
“Our investment in Venn constitutes a stratum of Migdal’s direct investment strategy in growing companies in the realm of technology and fintech," said Guy Fischer, Chief Investment Officer and Deputy CEO, Migdal Insurance. "Along with this, Venn creates positive impact and is also attuned to the company’s ESG (environmental, social and governance) investing because it connects between people and the community.”
The company currently employs 60 workers, and it plans to recruit an additional 75 employees, 50% of whom will work in the company’s R&D center in Tel Aviv.
“The past year proved again that Venn’s model is important and meaningful in the creation of better neighborhoods that people want to stay in, thus enabling property owners to improve their business results,” said Or Bokobza, CEO and Co-Founder of Venn. “Our growth over the past 10 months sharpened the need for strategic partnerships that can lead Venn to exceptional growth. Migdal’s participation was natural from the moment we moved into the growth stage; Guy and the investment team at Migdal showed that Migdal understands innovation, can identify vision and can make strategic decisions at a pace that works for startups. We’ve gained a partner for our journey.”