A startup seeking to do away with rental fraud just closed on a Series A funding round.
CheckpointID raised $1.5 million in a round led by RET Ventures, the company said in a statement. The capital will be used to grow the team as the firm seeks to meet increased demand from the multifamily industry.
CheckpointID is an identity verification service that multifamily owners and operators can use with customers for apartment tours and move-ins. The platform allows apartment managers to scan IDs and determine whether they can be verified. The company said its product helps with both safety as well as aggregating demographic information from tours.
The platform had more than 125,000 units in December.
“Three percent of all apartment tours begin with a forged ID, which allows potential renters to hide everything from bad credit to a criminal history,” CEO Terry Slattery said in the statement. “This endangers not only the touring agents, but also everyone living in the entire multifamily property.”
RET Ventures is an early stage venture capital firm focused on “rent tech.” It has invested in other companies including Moved, a concierge service for moving, and SmartRent, which provides smart home automation for property managers and tenants.
Other startups in the rental space include Rezi, which has sought to strike deals with New York landlords to rent out vacant apartments, and Nestio, which offers AI and analytics to help landlords and brokers manage inventory.