Nestio raises $1.5 million to improve rental industry

Nestio raises funding to further address rentals

Nestio has raised a $1.5 million financing round to improve their technologies, hire more talent and expand their offering to additional markets. Nestio received $55k in seed funding in early 2010, followed by an additional $18k in early 2011. After operating a lean startup for an extended period, the company announced a round of $750k in angel funding in the summer of 2011, and today’s announcement completes the remainder of the Partial Close of funding filed with the SEC earlier this year.

Investors participating in the round are a blend of strategic angels, investors with real estate industry experience, and seed/micro VC funds and have funded companies like Tindr, Postling, BrightNest, and many others including David Tisch, Jerry Colonna, David Cohen, Rick Webb, Greg Barton (Founder of MenuPages), Stuart Litwin (Co-Founder of SureDeposit), Lazerow Ventures, Quotidian Ventures, Ludlow Ventures, Scout Ventures, Meridian Development Partners, and Narbona Hill Corporation.

“We have an incredible group of people in our corner,” says Nestio CEO and Co-Founder Caren Maio, “and we’re very proud and fortunate to call them our investors. We have a long way to go as a company, but we couldn’t be more excited about this next leg of the journey. The entire team is ready to continue executing on this mission, delivering modern and intuitive technology to an industry that’s ready for transformation.”

Netsio addresses pain points

Investor Joanne Wilson said, “Nestio is giving the real estate market the instantaneous information that the rest of the world is accustomed to receiving every day… and it’s about time.”

Investor Mark Rosenberg at Meridian Development Partners echoes the sentiment, “As real estate investors and operators (and at certain points frustrated renters), we are excited about Nestio’s holistic approach to a very inefficient sector. Nestio’s model brings clarity and efficiency to owners and apartment rental professionals and sidesteps pain points for the consumer.”

Within a few short months, Nestio’s product has become a part of their user’s daily lives. As Nestio user David Drumheller of Newcastle Realty Services explains, “Nestio has become the main dashboard for my listings – I use it constantly.”