Peek inks $2.5m seed

Peek, a leasing enablement platform, has raised $2.5 million in seed funding. GFA Venture Partners led the round.

PRESS RELEASE

MAY 19, 2022 – NEW YORK, NY – Peek, a leasing enablement platform that virtualizes communities, today announced it has completed a $2.5 million seed round of financing, bringing the total fundraised amount to $4M. Led by New York City-based venture capital firm GFA Venture Partners, the funding will help further the company’s mission to streamline and add trust and transparency into the process of finding a home Since its inception three years ago, Peek has grown quickly to serve a portfolio of over 150,000 units, with leading property managers like Greystar, Brookfield, and Toll Brothers leveraging the platform. Using a full suite of leasing-enablement tools, including 3D tours of every unit and amenity in a residential community, Prospect Match data and analytics, and integrations with PMS and ILS platforms, Peek has been able to increase conversion rates by 3.5x across its client portfolio and save clients an average of $750.00 per unit leased.

“The future of consumer commerce is on-demand and and 24/7, with rich interactive platforms that provide trustworthy shopping experiences and help drive purchasing decisions. Finding a home should be no different,” said Austin Lo, CEO and Cofounder of Peek. “We’ve grown our platform in close collaboration with industry leaders like Greystar and Brookfield. Now, with the backing of GFA Venture Partners, we can accelerate the development of Peek as a complete leasing enablement platform offering property owners and managers a turnkey solution to deliver an e-commerce virtual leasing experience.

“At Greystar, our customers are our priority, and we are always seeking new avenues and best practices to elevate the renting experience,” said Adrian De Smul, Managing Director, Customer Experience and Innovation at Greystar. “Peek’s focus on meeting the evolving needs of customers in the rental housing industry, collaborative and innovative development process, and proven success pairs well with Greystar’s approach to a customer-friendly apartment renting experience. As a result of our partnership, Greystar has been able to evolve our leasing approach with virtual and self-guided tours. We believe that Peek’s ability to continuously innovate and update its product with a customer-first lens has solidified its position as an exciting leasing-enablement platform.

“At GFA, our LPs saw firsthand the challenges of adapting to the changing consumer landscape and the demand for a truly-digital leasing experience,” said GFA Venture Partners. “Chris and Austin have a unique perspective and have clearly struck a nerve in the industry with the platform that they have built at Peek and we are excited to join them and support their mission”

Peek was founded in 2019 by Co-Founders Austin Lo and Chris Kostoulas, who met on Craigslist during their own apartment search in NYC four years prior. They knew there could be an easier way to rent spaces – for both the tenant and owners – and drew from their backgrounds in data, finance and operations, as well as Austin’s experience as a licensed NYC real estate agent, to develop a platform that upends the traditional leasing model and streamlines the process for renters. When the pandemic hit in March 2020, Peek was well positioned to immediately fill a void for developers and renters alike. By saving their partners both time and money, Peek has already proven itself to be an invaluable platform in an increasingly digital-first world.