We’re delighted to announce our newest strategic investment in Pronto Housing’s $2.5M Seed Round led by Wilshire Lane Partners. Nine Four Ventures cannot be more excited to partner with Christine, KC, and the entire Pronto Housing team to build a category defining affordable housing compliance platform. Here is a bit more about the business, opportunity and why we invested.
Pronto is a leasing and compliance software platform for affordable housing. It helps owners/operators transition from manual workflows consisting of tracking and managing deadlines and filings across multiple properties, programs, and regulatory agencies to a cloud-based system of record. This results in meaningful time and cost savings with fewer errors. Pronto also improves the tenant application and annual certification experience by simplifying an intimidating and complex compliance process into a streamlined Turbo Tax-like, step-by-step workflow.
The idea was born out of Christine’s previous roles at Wells Fargo, RxR Realty and Megalith Capital Management where she had first-hand experience with the pain of using manual, offline leasing and compliance workflows and the unfortunate risk exposures, increase in costs and low customer satisfaction scores that come along with them. Christine knew there had to be a better way. That’s when she recruited a team to build Pronto.
After we met with Christine and KC, it immediately became clear that Pronto was addressing an overlooked and underestimated pain point in a multi-billion dollar market. Affordable housing leasing and compliance is manual and complex, and the offline and disparate paradigm creates frictions for applicants, residents, and property owners alike. This realization led us to pilot Pronto’s software through our LP base which previously used a clunky, manual data entry alternative that offered little to no customization. As a result, our LP base quickly appreciated Pronto’s intuitiveness and flexibility, realized ROI almost immediately and signed a long-term customer contract soon after the first demo. We weren’t alone! Multiple other brand names piloted the product, *loved* it and made subsequent commitments. As a result, Nine Four is excited to partner with Pronto to continue to help test, provide feedback to, and build out its software, while also facilitating customer acquisition through distribution to our broader network.
Pronto’s methodical platform approach is setting the groundwork to offer tech-enabled services, in addition to its core SaaS product, such as managing the certification process, overseeing tenant communication, and handling the lease-up process end to end. Over time, we expect to see Pronto layer on even more services such as Section 8 voucher transfer and SARA, and eventually establish partnerships with lenders, municipalities, CRA bank groups, and LIHTC syndicators to further embed itself in the ecosystem and establish itself as the market leader in affordable housing software.
Congrats again to Christine, KC, and the entire Pronto team. We’re just getting started!