Venn, a Tel Aviv, Israel-based urban-tech startup, completed its Series A round with a total funding to date of $40m.
Backers included Pitango Venture Capital, Hamilton Lane, on behalf of the New York State Common Retirement Fund, and Bridges Israel.
The company plans to use the funds to enhance R&D capabilities, refine its model for urban revitalization, and increase operations from three cities to multiple cities across the U.S. and Europe, with the goal of bringing Venn to millions of people in 100 cities by 2030.
Founded in 2016 by Or Bokobza, CEO, Venn provides a community engagement and social impact platform that encourages urbanites to become active participants in the development of their community, manage homes, create shared spaces, support hyperlocal business initiatives and services, programs, events, and facilitate community engagement.
The company’s financial model also reinvests revenue directly back into the neighborhood with local small business support, cultural and creative projects, educational opportunities, safety initiatives, and programs to minimize displacement.
Since its launch in Tel Aviv, Venn has generated local economic growth by backing 35 local businesses and supported 590 neighborhood events and activities attended by 11,350 people. In 2018, Venn expanded to Friedrichshain, Berlin and Bushwick, New York and now has over 70 people.