Morgan Properties-backed firm invests in Colleen AI
Colleen has raised $3.5 million in Series Seed funding.
The round was led by Wilshire Lane Capital, an early-stage venture capital firm backed by Morgan Properties, the third-largest National Multifamily Housing Council (NMHC) multifamily apartments owner, with participation from Skybox Capital, owner of residential companies Magnolia Capital and National Home Rentals. Morgan Properties, Magnolia Capital and National Home Rentals are also existing customers.
“Helping residents stay current with their rent payments, while ensuring that their apartment communities are operating at peak efficiency, is top of mind for our operators,” said Adam Demuyakor, founder and managing partner at Wilshire Lane Capital.
According to NMHC, about 20 percent of multifamily residents are expected to be late in paying rent. Property managers with Colleen reduce unpaid rent by more than 30 percent, according to a news release. Leveraging AI and automation to proactively engage re