Today it will be announced that Nestio, which has generated more than $20 million in additional profits for clients while capturing 40 percent of residential listings market and now reaches more than 80 percent of all brokers in NYC, has just raised $8 with Trinity Venture leading the deal. That’s huge. The story is more personal for me.
This quarter I will see over a handful of women who I have given their first dollar to raise significant capital from great venture firms. Caren Maio of Nestio is one of those women.
I met Caren at Techstars the spring of 2011. I met a bunch of teams that day but I immediately clicked with Caren. She is smart, tenacious and has good instincts. I spent that few months being one of their mentors. I also committed to invest before the pitch day. I was the only woman in the mix so like many other companies I am involved with I become the point person. The one to call, the one to ask for advice, the one to lean on. There were many of these moments. Trust me I learned as much as Caren.
But the big turning point was when the business model changed. Caren came to tell me about it. I listened to what she had to say and after she finished I said “I knew you would figure it out.” Then it was time to raise capital. She was able to raise a $1m from mostly angels but it was time to convert that first note into equity with this next round. I believed in Caren and I believe in the business so I stepped up. I am not a VC. I am not the person who could lead it financially but I could sit on the board and be responsible for the capital that was invested in the round. It was a new concept but somehow the other investors were happy with it. I led that round and took a board seat.
Fast forward, another round came and Caren met Jenny Lefcourt at Freestyle Capital and she led that next round. I now had the pleasure of working with Jenny too. Now we move into our next life of the company as Trinity comes into this round and on the board.
I am thrilled for Caren and the team. Nestio has made a major impact on the real estate world. To see more and more women take their companies to this level is great for the next generation of women who are coming up the pipeline too.
It is a big day for Caren and it is a big day for me too.
Excited for the next chapter
I like this.So tough to get real traction and raise against it.And NY with all of the upsides of density is still a tough nut,This is the good stuff.
She’s amazing too.
Must be as tough as she is smart and lucky.Toughness is an underrated essential character trait. Whoever mythologizes the entrepreneurial lifestyle has never done it. It’s great but it is really hard to be a CEO–hard for men, a true test of everything for a women.
Congrats! Winner winner chicken dinner. These are always great moments. I love it most for the entrepreneurs. One hill climbed, they get a short chance to rest at a basecamp before they begin climbing again.If there is one thing I learned from Cubs manager Joe Maddon is that you have to celebrate even small successes. It’s good for morale. It’s good for the team. It’s good practice and helps to build culture that wants to continue to climb to bigger successes to have bigger celebrations.
I love the base camp analogy
Congratulations! Fantastic news. I love your narrative about supporting smart go-getter women. It opens the world for the next generation.
Let’s hope so
This is one of my favorite posts, Joanne. Congratulations and thank you for the work that you do. It inspires me everyday!
So nice to hear a story where the emphasis on the connection between a founder and the money she raised is a human one. And you’re such a proud mama I love it so much!
congratulations! it sounds like a great partnership