The round was led by Trinity Ventures, and had participation from previous investors, including Freestyle Capital, Joanne Wilson and TechStars.
The platform, which originally launched as a tool for renters to find apartments, has now grown into a full service tool for landlords and brokers, allowing them to manage inventory, track leads, and advertise listings – all while communicating in real-time with consumer-facing websites like Trulia and Zillow.
Impressively, Nestio is now responsible for originating half of New York City’s rental listings, and has already generated over $20 million in additional revenue for clients. While still just live in NYC, the company plans to use this new funding to expand to Boston, Chicago, Miami and Washington, D.C.
Caren Maio, co-founder and CEO of Nestio, explained that these cities were chosen because current NYC customers own property in these cities, and have been asking to use the product at their other rental properties. By having customers onboard in these new cities from day 1, the company should have a head start as it begins its nationwide expansion.
Beyond expansion, the new funding will also be used to develop Nestio’s product roadmap, as well as bulk up the sales, marketing and engineering teams.
The company also announced that they are bringing on Scott Wolfgang, formerly of Quotidian Ventures (and former Hootsuite board member) as CFO.