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Urban Renewal Startup Venn Raises $40M To Reinvent Community Living

Venn first launched as an urban renewal experiment in Shapira, a run-down neighbourhood in Tel Aviv. It currently also operates in Bushwick, New York and Friedrichshain, Berlin.
                      
“There’s an entire generation of people searching for a more meaningful, connected way of urban living,” Bokobza said in a statement. “Somewhere within the madness of city life, they want more time to see friends, explore interests, and make an impact. Venn is reinventing the urban neighborhood by equipping our community of young urbanites with the tools they need to connect, collaborate and build a home beyond their houses.”


The Tel Aviv-based startup runs on the saying “If they build it, they will stay.” Its unique financial model “reinvests revenue straight back into the community with small local business support, cultural and creative projects, educational opportunities, safety initiatives, and programs to minimize displacement.”


Venn says it is “reimagining centre life in a world where more people than ever are living in cities” and creating “urban neighbourhoods that are more affordable but with no less vitality than the downtown core. “

The group said the funding will allow Venn to expand to more cities over the US and Europe, with an aim to bring Venn to “millions of people in 100 cities by 2030,” it said in a statement.

Chemi Peres, managing global partner and co-founder of Pitango, said spending in cities needs to be sustainable and forward-thinking.
“Venn stands out from other real-estate developers or proptech startups in their view that neighbourhoods need a business model,” Peres said. “Venn encourages the area to view real estate as a long-term ongoing process…We are excited to be a part of Venn’s journey toward positive urban transformation.”

Vice-Chairman at Hamilton Lane, investing on behalf of the New York State Common Retirement Fund, said Hamilton Lane is “happy to invest in and support this pioneering model of urban investment.”
Since its launch, the startup says it has backed 35 local businesses and supported 590 neighbourhood events attended by almost 12 thousand people.

Urban tech startup Venn stated the closure on Tuesday of a $40 million Series A funding round to expand the company’s model of transforming developing neighbourhoods into vibrant cities. Investors included Pitango Venture Capital, Hamilton Lane, on behalf of the New York State Common Retirement Fund, and Bridges Israel. 

Founded in 2016, by CEO Or Bokobza, CXO (chief experience officer) Chen Avni and CRO David Sherez, Venn says it creates urban revitalization by contriving homes, creating shared terms, and bolstering local businesses and initiatives for community engagement on a neighbourhood-wide level. 

It also facilitates resident-led events through a digital platform and ‘personal assistant’ app 
Urban Renewal Startup Venn Raises $40M To Reinvent Community Living Urban Renewal Startup Venn Raises $40M To Reinvent Community Living Reviewed by Naomi on June 28, 2019 Rating: 5

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