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June 25, 2019 10:34 am

Israeli Urban Tech Startup Venn Raises $40 Million

avatar by Reuters and Algemeiner Staff

Cars drive on a highway as a train enters a station in Tel Aviv, Israel, Nov. 25, 2018. Photo: Reuters / Corinna Kern.

Israel-based social urban planning startup Venn said on Tuesday it raised $40 million in an early financing round.

Investors include Israel’s Pitango Venture Capital, Hamilton Lane, on behalf of the New York State Common Retirement Fund, and impact investment fund Bridges Israel.

Venn, which operates in New York, Berlin and Tel Aviv, plans to use the investment to enhance research and development, refine its model for urban revitalization, and increase operations to cities across the United States and Europe.

Venn was founded in 2016 as an urban renewal experiment in a run-down neighborhood in Tel Aviv.

The company said its community revitalization model manages homes and shared spaces on a neighborhood-scale. Venn reinvests revenue back into the neighborhood with local small business support, cultural and creative projects, educational opportunities and safety initiatives.

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