Proptech Firm Snappt Raises $100M
Insight Partners led the funding
By Greg Cornfield March 16, 2022 6:30 pm
reprints
A Los Angeles-based proptech firm called Snappt, which provides a fraud screening process for landlords and property managers, announced that it raised $100 million in Series A funding.
The capital was led by Insight Partners, a Manhattan-based private equity and venture capital firm with more than $90 billion in assets under management. Snappt said the $100 million will be used to accelerate product development and to increase sales and market reach after the company reported a 700 percent increase in apartment unit and revenue growth last year.
The Snappt software helps property managers screen tenant applicants, and it helps prevent bad debt and evictions by detecting fraudulent documentation such as fake or doctored pay stubs and bank statements. About one in eight, or 12 percent, of multifamily applicants commit fraud to landlords, according to Snappt. More than 1,000 multifamily communities currently use Snappt, which helped save an estimated $105 million in bad debt in 2021.
“Our vision is to dramatically lower the number of fraudulent tenant applications that go undetected, helping our customers save millions in eviction costs and minimize risk,” Daniel Berlind, CEO and co-founder of Snappt, said in a press release. “Insight Partners’ alignment with this vision will enable us to scale and continue the momentum.”
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
