Weekly Proptech: Friday, October 28, 2022

Written By CRETI
 
 
 

This Week in Proptech

This Week in Proptech — $271 million was invested across 19 companies at a median funding amount of $5 million. Some of the largest funding rounds went to residential, construction, office, and other proptech companies.

Funding in a Nut Shell: The proptech industry is on a 4 game-winning streak. This week the industry continued its four-week bull run with a 27.23 percent increase in funding.

CRETI PROPTECH VENTURE INDEX

State of the Market

This week we took a look at venture capital investments in commercial real estate - office tech companies and what it means for the industry.

As cities like New York are deep in the exploration phase of converting office buildings into multifamily, the future of the industry has been provocative. From back to office and work from home to occupancy and health sensors, the pandemic thrusted the commercial real estate industry head-on into a highly debated future. Despite its challenges, commercial leasing remains the largest sector within the sector at $220 billion.

What Does This Mean For PropTech?

Year to date, venture capital investments in office tech has surpassed $775 million. Some of the largest rounds were led by VTS, Envoy and Common Ground. Despite large rounds of funding, the sector has experienced a 13 percent decline since 2021. In fact, over a four-year spread, the office tech sector has consistently reminded the more volatile sector in proptech with large year-over-year funding changes.

Notable Rounds of Funding

  • October 27, 2022 — View (NASDAQ: VIEW) raised a $200 million Convertible Senior Note led by RXR with investments from USAA Real Estate, Anson Funds, and the Environmental Strategies Group of BNP Paribas Asset Management, and other investors.

  • October 26, 2022 — SwiftConnect raised a $17 million Series A led by Navitas and JLL Spark with investments from Nuveen Investments, Crow Holdings, Cushman & Wakefield, and 4 other investors.

  • October 25, 2022 — Bilt Rewards raised a $150 million Venture Round led by Left Lane Capital with investments from Fifth Wall, Camber Creek, Greystar, and 5 other investors.

 
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