Residential listings database Nestio says it will use $1.6 million in new investor funding to continue its growth in New York City and expand into new markets.
Nestio has hired Joseph Ben-Zvi, formerly director of business development and sales with On-Line Residential Inc. (OLR.com), as chief revenue officer to spearhead the company’s expansion.
Ben-Zvi’s job will to be to expand Nestio’s market penetration in New York City, expand its sales team and launch the platform in “other key markets,” the company said.
Since launching two years ago, Nestio says it’s become “the system of record” for many of New York City’s top brokerages and property management companies, and that its database covers 30 percent of the city’s rental market.
Landlords using the Nestio platform include Two Trees, UDR, Windsor Communities, Bronstein Properties and Newcastle. Nestio has also been named an approved technology vendor by the Real Estate Board of New York (REBNY).
The latest financing round was led by Freestyle Capital with participation from RiverPark Ventures. Jenny Lefcourt, a partner at Freestyle Capital, will join Nestio’s board of directors. Previous Nestio investors including Joanne Wilson, David Cohen, Mike Lazerow, Jerry Colonna and Scout Ventures also participated.