Nestio, the NYC-based real estate startup focused on changing the way brokers and landlords go about their daily business, has raised a $1.6 million funding round to accelerate growth.
The round was led by Freestyle Capital with participation from RiverPark Ventures, and existing Nestio investors such as Joanne Wilson, David Cohen, Mike Lazerow, Jerry Colonna, and Scout Ventures. The round also brings on a new board member in the form of Freestyle Capital partner Jenny Lefcourt.
Nestio launched out of TechStars back in 2011 trying to be the TripIt for apartment searches, compiling all the information available on a number of different sites to help you find the perfect place. Turns out, the problems plaguing real estate search start at the beginning, with the landlord, and are nearly impossible to solve when you start on the consumer side.
So in 2013, Nestio pivoted focus to landlords and brokers, building back-end tools for them to constantly update inventory and availability in real-time. Before, this was done with Google Docs and faxes and phone calls, stored in paper files or ancient databases.
The company raised an extra $1.5 million and got to work delivering these tools to brokers and landlords, and has come to the realization that the new formula works. Nestio is now operating above the line, growing rapidly in the real estate community, and looking to put the pedal to the metal.
The fresh $1.6 million is going toward new hires, predominantly on the sales side.
Recently, the Real Estate Board Of New York named Nestio’s platform as one of four approved technology vendors, as the company now handles more than 30 percent of New York’s rental market.
If you want to learn more about Nestio, you can head over to the website here.