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Israeli tech venture Venn secures $40 million to strengthen urban communities

ImpactAlpha, June 26 – Tel Aviv-based Venn launched in 2016 with a vision of using tech to enable happier, more inclusive city-living. The company has raised $40 million from Israel’s Pitango Venture Capital and Hamilton Lane, which invested on behalf of the New York State Common Retirement Fund, Reuters reports. Impact investor Bridges Israel re-upped its commitment to the company in the round.

Venn offers a “neighborhood platform” to connect residents to co-living and public spaces, social resources, classes and events. The company’s back-end work includes developing partnerships to ensure and preserve affordable and fairly-priced housing; working with organizations that foster intergenerational interactions, to combat senior loneliness; and offering space and hosting events with local musicians and artists to promote cultural opportunities.

Members in the Shapira neighborhood of Tel Aviv report 40% higher volunteer rates than the city average and 33% drop in loneliness since joining the platform, according to Venn’s 2018 impact report. The company also tracks local job creation, support for local businesses, and local units’ compliance with “fair rental” regulations.

The founders wrote that their mission is to “enable people in cities around the world to live a more balanced and meaningful life, while positively impacting their neighborhoods.”

Venn has since launched in Brooklyn and Berlin.

The company was the first investment of Bridges’ Israel-based fund, which rolled out last year.

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