Pronto Housing Announces Strategic Partnerships With Fifth Wall, PSP Growth, Alate Partners, Valley National Bank & Noho Ventures

Rhea-AI Summary

Pronto Housing, an innovative affordable housing compliance Software-as-a-Service (SaaS) platform, has announced new partnerships with key investors including Valley National Bank (NASDAQ: VLY) and Fifth Wall. This follows their successful $2.5 million seed funding round, bringing total investments to $4.5 million. These partnerships aim to enhance product development and streamline affordable housing processes, significantly improving efficiency for both property owners and residents. Pronto Housing targets the 11 million Americans in housing instability by automating compliance and reducing manual operations.

Positive

• Total funding increased to $4.5 million following new strategic partnerships.
• New investors include major firms such as Fifth Wall and Valley National Bank, validating Pronto's market position.
• Pronto Housing streamlines the leasing process, expediting lease-up times over traditional methods.
• The platform enhances transparency and efficiency in affordable housing compliance.

Negative

• None.

—New Relationships Set To Fuel Growth Of Affordable Housing Software-as-a-Service (SaaS) Platform—

NEW YORK--(BUSINESS WIRE)-- Pronto Housing—the first and only off-the-shelf affordable housing compliance Software-as-a-Service (SaaS) platform—today announced its numerous strategic partnerships with some of today’s core leading investors, including Fifth Wall, PSP Growth, Alate Partners, Valley National Bank (NASDAQ: VLY), and Noho Ventures. On the imminent heels of the early-stage startup’s $2.5 million seed round, the sum of these firms’ investments brings Pronto Housing’s total funding to $4.5 million. Their partnership will enable the startup to continue to strategically and rapidly expand its key, state-of-the-art product development while scaling their team.

“Affordable housing processes have been notoriously cumbersome, manual, and paper-driven,” said Christine Wendell, CEO & Co-Founder, Pronto Housing. “We remain laser-focused on ensuring a quick and easy process for both sides of the equation. Bringing Fifth Wall, PSP Growth, Alate Partners, Valley Bank, and Noho Ventures onboard as valued partners is a critical step towards helping us achieve our goals.”

“We quickly identified Pronto Housing as an unmatched software startup bringing much needed advancement to the affordable housing market,” shared Dan Wenhold, Partner at Fifth Wall. “Pronto’s platform provides a scalable solution to bring efficiencies to a complicated process that affects millions of housing units across the US, and Fifth Wall is pleased to participate in the company's Seed round of financing.”

Founded in 2020 by Wendell and KC Crosby, Pronto Housing ensures that a higher-quality of living is more easily accessible for the more than 11 million Americans facing housing instability, while helping owners meet their financial goals. Automating compliance for U.S. affordable housing programs, Pronto Housing eliminates manual data entry and increases transparency for property teams and renters.

“As an investment firm with a history of building durable businesses, Pronto’s value proposition immediately resonated with us,” said Momei Qu, Managing Director of PSP Growth. “We believe the company has potential to create a dominant position in an underserved segment and are thrilled to partner with them on their journey.”

For property owners, Pronto Housing’s market-leading tools expedite lease-up by over five times the traditional compliance process. For current and prospective residents, Pronto Housing’s platform makes applying to a new building and completing annual recertification a quick, painless process, with automated information and documentation gathering. Pronto Housing’s platform features two interfaces: a step-by-step questionnaire for renters to provide information and documentation, and a dashboard for property managers and owners to track deadlines, communications, and files across the properties, programs and regulatory agencies.

Pronto Housing continues to win investor support, counting a group of backers that includes Wilshire Lane Partners, Nine Four Ventures, Essence Development, Lemor Development Group, Housing Trust Group, and notable early-stage tech investor and advisor Sara Shank. Adding Fifth Wall, PSP Growth, Alate Partners, Valley National Bank, and Noho Ventures, to its prime list of investors further validates Pronto Housing as the leader shaping the future of affordable housing through tech-enabled solutions.

About Pronto Housing: Pronto Housing is the first as well as the only off-the-shelf affordable housing compliance Software-as-a-Service (SaaS) platform. Founded in 2020 by Christine Wendell and KC Crosby, Pronto Housing’s mission is to make affordable housing leasing and compliance faster via tech-enabled solutions, an expert compliance team and a customer centric approach. Pronto’s investors include Wilshire Lane Partners, Nine Four Ventures, Fifth Wall, PSP Partners, Alate Partners, Valley National Bank, and Noho Ventures. To learn more, visit www.prontohousing.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220222006161/en/

Media Contact:

Elise Szwajkowski

Marino; Account Director

eszwajkowski@marinopr.com

(212) 402-3495

Source: Pronto Housing

FAQ

What impact do the new partnerships have on Valley National Bank (NASDAQ: VLY)?

The partnerships enhance Valley National Bank's involvement in innovative solutions for affordable housing, potentially increasing its market influence.

How much total funding has Pronto Housing received as of now?

Pronto Housing has received a total of $4.5 million in funding after its recent partnerships.

What is the primary mission of Pronto Housing?

Pronto Housing aims to automate compliance processes in affordable housing, making leasing quicker and more accessible for millions facing housing instability.

Which investors are backing Pronto Housing?

Pronto Housing's investors include Fifth Wall, PSP Growth, Alate Partners, Valley National Bank (NASDAQ: VLY), and Noho Ventures.