Stake Announces Closing of $ 4 Million Seed Capital Investment | Business


NEW YORK – (BUSINESS WIRE) – Sep 28, 2021–

Stake—The first company to create the future of FinTech-powered real estate with cash backs— today announced it has closed its $ 4 million seed funding. The tour was led by Shadow Adventures, a thesis-focused venture capital firm focused on early stage tech companies disrupting the built environment, with Hometeam Ventures, Olive Tree Holdings, Blue Field Capital, Hampton VC, Gaingels and Ellen Levy, Managing Director of Silicon Valley Connect. The capital will accelerate Stake’s mission of making renting financially rewarding, creating savings for tenants without fees or debt accumulation, and enabling landlords to create financially secure and secure rental communities.

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“The single biggest expense for the majority of Americans is housing,” said Rowland Hobbs, CEO of Stake. “Stake allows the 48 million Americans who rent to build up capital through real cash savings, ensuring financial security for all.” Investing in residents with cash back creates a higher propensity to pay and a propensity to stay, a win-win financial situation for tenants and landlords. This is just the start of a FinTech revolution in real estate.

Co-founders Rowland hobbs and Jimmy jacobson have created a tenant rewards app and data-driven cloud-based dashboard for property and asset managers. Stake enables owners and operators, from Greystar and Brick Capital to apartment management consultants and Legacy Wealth Holdings, to cut concession and incentive spend by over 50%, rent twice as fast, reduce delinquencies by up to 50% and increase line turnover with a 7 to 15% increase in retention and renewals. Stake is currently offered in over $ 1 billion of real estate assets, representing $ 150 million in gross rental value, and available to more than 10,000 residents. Resident members of the stake earn cash back rewards twice a month, once when they pay their rent and once when they keep their saved money.

“Stake joined our first multi-family technology accelerator in November 2020, and was immediately adopted by strategic asset managers who wanted to outperform the market. The opportunity seized by Stake is to reinvent revenue management with a focus on residents, ”said Nick durham, Senior Associate at Shadow Ventures, who recently joined the Stake Board of Directors. “We supported Stake early in its growth and are excited to continue to invest in the FinTech vision of Rowland and Jimmy and their world-class team as Stake evolves its platform to revolutionize revenue management and the model. of payment. “

BJ Naedele– President and Chief Commercial Officer of Shop Your Way, former Managing Director of Nike + and former Global Vice President of Loyalty and Membership at Nike also joined the board of directors of Stake.

“Stake is led by an impressive entrepreneurial team with diverse and applicable backgrounds who have created an indispensable FinTech platform that will play a critical role in closing the housing gap, putting money in the pockets of tenants.” , said the co-founder and Managing Partner Alexandria Lafci with Hometeam Ventures.

To learn more, visit https://www.stake.rent/

About the issue:

Stake —The first company to create the future of FinTech-powered real estate with cash backs— is on a mission to make renting financially rewarding, create savings for tenants without fees or debt accumulation, and empower today’s landlords to create financially secure and secure rental communities. Upgrading reduces downtime, bad debts, and marketing costs, while increasing revenue through retention and renewals. Its data-driven rewards reduce the overall cost of incentives and concessions by over 50% and double rental speed. The FinTech company is active in over $ 1 billion in real estate assets, with a gross rental value of $ 150 million, reaching over 10,000 tenants. Stake rates industry leaders such as Olive Tree Holdings, Greystar Holdings, Brick Capital, WFInvestments, Apartment Management Consultants, Legacy Wealth Holdings and Proffitt Dixon Partners as users.

To learn more about Stake, visit https://www.stake.rent/.

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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: DATA MANAGEMENT RESIDENTIAL BUILDING & REAL ESTATE BANKING TECHNOLOGY CONSTRUCTION & REAL ESTATE PROFESSIONAL SERVICES OTHER SOFTWARE CONSUMERS INTERNET CONSUMER FINANCING

SOURCE: stake

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PUB: 09/28/2021 10:30 a.m. / DISC: 09/28/2021 10:32 a.m.

http://www.businesswire.com/news/home/20210928005334/en

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