Protech startup Stake closed a $12 million series A funding round. The company offers cash back to renters, creating incentive programs that it claims provide more efficient and effective operations to owners and operators.

Leading the round was RET Ventures, choosing Stake as its first investment for its RET Ventures ESG Fund. Also involved were Enterprise Community Partners, which, since 1982, has helped create or preserve 873,000 homes; Hometeam Ventures; Operator Stack; and Second Century Ventures, the investment arm of the National Association of Realtors. Existing investors Shadow Ventures and Olive Tree Ventures also participated in the round.

The business premise is an unusual one for real estate. "Using Stake, property managers receive a 130% return on every dollar spent," the release stated. "Renters earn an average of 4% Cash Back on their rent each month. Across the $385 million in annual leases connected to the platform, 65% of renters have more money in their Stake account than any other banking account. In the past year, the number of residences that offer Cash Back with Stake has grown by 10x."