A New York City-based software company for the multifamily industry, called 100, has emerged from stealth mode with a $5.2 million seed round of financing.
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A New York City-based software company for the multifamily industry, called 100, has emerged from stealth mode with a $5.2 million seed round of financing, Inman has learned.
Its emergence is buoyed by a partnership with identify verification platform CLEAR, familiar to most for its use in airports.
According to an Oct. 8 press release, the partnership will power the release of 100’s Verified Renter Network, a system that “streamlines the rental application and screening processes with advanced, fraud-resistant security features.”
The company’s funding was provided by MetaProp, Freestyle Capital, RiverPark Ventures and Contest Point. A leader was not identified. The release said a group of “top multifamily operators across the country” contributed as well.
A company spokesperson said the name stems from an industry concept that comes from “100 percent security, providing 100 percent peace-of-mind for renters and 100 percent confidence for multifamily operators.”
The company’s value proposition is bolstered by statistics from the National Multihousing Council on renter fraud. A January 2024 survey by the industry organization found that “more than 93 percent of owners experienced fraud in the last 12 months” and that more than 84 percent of that group experienced “applicants falsifying or fabricating pay stubs, employment references or other income documentation.”
Caren Maio is 100’s co-founder and CEO. In a statement, she said her company’s software will offer “much-needed relief” for rental property owners and operators.
“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,” Maio said. “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.”
The Verified Renter Network is designed to blend identity verifcatyion with the leasing process, starting with the apartment user, who can register with a formal background check. That process will verify the individual using CLEAR’s process blended with best practices from landlords and property 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,” the press release stated.
Showdigs, an AI-powered rental industry application, was also funded by MetaProp, in 2022.
Technology is moving swiftly into the rental market, with a number of fast-moving entities solving legacy processes, such as lead capture, tour scheduling, collections and application processing.
One of the leaders in the space, RentSpree, released an anti-fraud initiative in August, an income verification component in partnership with Finicity, a Mastercard company. The process links RentSpree’s ApplyLink with the individual’s bank account to capture 12 to 24 months of transaction data, a practice that’s been manual, paper-based and dependent on credit agencies since becoming a common part of renter approval.
Existing CLEAR members can register on 100’s network. The company is now collecting early-interest users via its website.