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The israeli urban tech startup, the Veins will be rewarded with $40 million

TEL AVIV (Reuters) – Israel-based on social, urban-planning, startup, Fenn said on Tuesday, raised $40 million in an early round of funding.

Investors include Israel’s Pitango Venture Capital, Hamilton Lane, on behalf of the State of New York Common Retirement Fund and the impact investment fund Bridges to Israel.

Fenn, who is active in the New York, New York, Berlin and Tel Aviv, plans to use the investment to enhance research and development and fine-tuning of the model for urban revitalization, and the increase in the activities of cities and towns across the United States and Europe.

Fens was founded in 2016, as the urban renewal experiment in a run-down neighborhood of Tel Aviv.

The company said that it is the community revitalization model in managing residential properties and public spaces at a neighbourhood scale. The companies act reinvests revenue back into the district, with the local support of small businesses, creative and cultural projects, education, and safety initiatives in the future.

Reporting by Tova Cohen, Editing by Ari Rabinovitch

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