Piñata, a Newark, NJ-based proptech startup, raised $13M in Series A funding.
The round was led by Wilshire Lane Capital with participation from Ron Moelis, Chairman & Co-founder of L+M Development Partners. As part of the fundraise, Adam Demuyakor, Founder and Managing Partner of Wilshire Lane Capital, will be joining Piñata’s board of directors.
The company, which has raised $20m in total to date, intends to use the funds to widen its audience of rental users and property management company partners.
Led by CEO Lily Liu, Piñata provides a rewards and credit building membership program for renters. Members can earn rewards for everyday goods and services and exclusive discounts from brands, totalling thousands of dollars a year in savings. They can also boost their credit scores with Piñata, which is the first and only service to report renters’ payments to the major credit bureaus for free. Launched in mid-2020, the company has already emerged as a leader in the renter rewards space. It exhibited record year-over-year growth from January 2021 to January 2022, including:
- More than 600% growth in new users
- Nearly 300% growth in new property management company partners
- 1100% growth in revenue
FinSMEs
04/03/2022