Proptech Firm 100 Launches 100x to Fight Fraud in Multifamily Market

Multifamily fraud prevention software platform 100 announced Tuesday the launch of 100x, an initiative that brings together identity and fintech industry leaders, influential multifamily operators and some of the nation’s largest multifamily owners. 

Created with a goal to educate major real estate players on what it describes as the current fraud crisis in the industry and how to stymie it, the 100x initiative seeks to usher in a new framework to parse potential renters. That framework will increase security, trust and efficiency in the rental process overall, 100 said in a statement.

Multifamily operators representing more than 1 million units are already part of 100x, including Pauline Houchins and Jenn Kloet of Asset Living, Ariel Hanson and Jill Hinton of GoldOller Real Estate Investments, and Allison Crawford of Knightvest Residential.

The 100x participants are looking to demonstrate the real estate industry’s commitment to mitigating rental fraud and driving a smarter and safer experience for renters and operators.

Both 100 and 100x’s growth have drawn the attention of leading investors, including proptech venture capital firm Camber Creek, which has joined as a strategic investor. Camber Creek has invested more than $2 million, with the remainder coming from multifamily strategic investors who have asked not to have their information disclosed, a 100 spokesman said in an email. The new round brings the total funding for 100 to $7.7 million.

“Camber Creek’s partnership feels like a homecoming,” Caren Maio, CEO and co-founder at 100, said in a statement to PropTech Insider. “Together, and with the leaders behind 100x, we’re committed to building a rental process that’s stronger, safer and built on trust.”

In October 2024, 100 closed a $5.2 million pre-seed funding round and a strategic partnership with secure identity company Clear to launch a renter fraud prevention service. MetaProp, RiverPark Ventures, Freestyle Capital and Contest Point, along with a coalition of top multifamily operators across the country, participated in the funding, which marked the largest pre-seed fundraise in U.S. proptech history — and one conducted by a female-led company — 100 said in its announcement at the time.

Within 90 days of the company’s launch, 100 signed on more than 100,000 units from a wide range of companies listed among the top 50 multifamily owners by the National Multifamily Housing Council (NMHC) and prominent operators in the space.

“Fraud is among the most challenging aspects in multifamily management, and we believe this team is the one to solve it,” Jeffrey Berman, general partner at Camber Creek, said in an email. “We’re thrilled to partner again and be a part of the solution.”

The rental market accounts for billions of dollars in annual transactions globally, but faces fraud and debt issues. As of last October, more than 93 percent of owners had been defrauded in the previous 12 months, and 70 percent experienced some form of identity theft, according to a survey from the NMHC.

Philip Russo can be reached at prusso@commercialobserver.com.