Venn secures multi-million dollar contract with Bozzuto, expands US footprint
Venn secures multi-million dollar contract with Bozzuto, expands US footprint
The platform, which includes AI components and maximizes automation, will serve 105,000 apartments owned by Bozzuto, where more than 300,000 tenants reside.
Israeli startup Venn has signed the largest agreement in its history, Calcalist has learned. The company, which developed a resident management platform, will now provide its services to the American real estate company Bozzuto, a specialist in apartment rentals. According to estimates, Venn will receive several million dollars in the initial phase. As more features are introduced for Bozzuto's use, Venn's total revenue from the deal could potentially reach $10 million.
Sources close to Venn revealed that Bozzuto conducted due diligence on the platform for two years before finalizing the agreement. The platform, which includes AI components and maximizes automation, will serve 105,000 apartments owned by Bozzuto, where more than 300,000 tenants reside. This deal will increase the number of apartments managed by Venn in the U.S. to 150,000. The U.S. rental housing market consists of approximately 48 million apartments, and Bozzuto, which has been in operation since 1988, is a significant player in the luxury residential sector.
Venn’s platform offers a wide range of services for tenants, including rent payment, contract renewals, communication with neighbors, and ordering maintenance services. For property owners, it provides features such as tenant background checks and fault management in rented units.
Venn was founded in 2017 by Or Bokobza (CEO) and Chen Avni (CPO). The company employs 100 people and has raised approximately $100 million to date from investors including Group 11, Pitango, Hamilton Lane, and Bridges Israel.
