Colleen, a Daytona Beach, FL-based AI platform focused on optimizing payment collections for multifamily real estate businesses, announced today that it has raised $3.5 million in Seed funding.
The round was led by Wilshire Lane Capital, an early-stage venture capital firm backed by Morgan Properties, the third largest multifamily apartments owner in the U.S. Skybox Capital, the owner of residential companies Magnolia Capital and National Home Rentals, also participated in the funding round.
With the newly raised funds, Colleen plans to scale its go-to-market operations and make further investments in product development, engineering, and data science.
Colleen is an AI-powered, integrated platform solution built to optimize rent and debt collections for multifamily apartment managers and residents.
“The real estate industry faces a huge collection challenge that can be mitigated with an innovative AI stack,” said Itamar Roth, CEO at Colleen. “We are excited to lead the space with Colleen by providing a reliable platform that helps our customers improve bottom line while streamlining what used to be time-consuming manual processes.”
Colleen's AI-powered platform is designed to streamline rent and debt collections for multifamily apartment managers and residents. After operating in stealth mode, the company has already secured a customer pipeline of over 2.5 million units.
The company has doubled its employee headcount within the last year and is actively hiring across sales and customer success divisions in the U.S.
Company: Colleen AI, Inc.
Round: Seed Round
Funding Month: July 2023
Lead Investors: Wilshire Lane Capital
Additional Investors: Skybox Capital, Magnolia Capital, and National Home Rentals
Company Website: https://colleen.ai/
Software Category: Multi-Family Property Management AI Platform
About the Company: Founded in 2021, Colleen is an AI-powered, integrated platform solution optimizing rent and debt collections for multifamily property managers and residents. Colleen collects and processes financial and property data to generate coherent and predictable insights for the property managers of multifamily buildings. By offloading the payment collection process and proactively engaging residents, Colleen saves property teams time, accelerates operational efficiency, and boosts the bottom line.