Weekly Proptech: Friday, June 3, 2022

Written By CRETI
 
 
 

This Week in Proptech

$150 million was invested across 15 companies at a median funding amount of $2 million. Some of the largest rounds of funding went to tenant experience, flex-office, finance, hospitality, construction, and more.

Why Does This Matter?

In the US, Memorial Day weekend often serves as a predictor of summer travel and summer Fridays. If we've learned anything over the past ten years of indexing proptech venture capital is that capital allocations and announcements typically cool down ❄️ as the summer heats up 🏖.

Without any important public economic data dropping for the next few weeks, we anticipate the proptech industry to be relatively quiet 😴.

What Does This Mean For Proptech?

Real estate innovation doesn't take vacations, however, financial sponsors do. Proptech entrepreneurs that haven't begun fundraising can expect longer than normal wait times 📞 to schedule meetings 🗓. However, real estate executives and technology investors have a lot to consider while on vacation this summer.

With the impending recession, the Federal Reserve changing course, commodity pricing (timber, steel, oil, etc) continuing to impact owner-developers, the macro technology landscape and valuations, decarbonization, office occupancy and rents, home ownership, and rising interest rate concerns for owners-investors, the summer of 2022 looks like a suspenseful thriller that’s unfolding right before our eyes no matter what side of the market you're on.

Weekly Proptech Venture Capital Index


CRETI Proptech Index
The CRETI Proptech Index is a private market real estate technology index tracking the financial performance of over 8,000 companies. It is the most followed proptech venture capital indices, globally. Contact us to learn more.

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The Future of Affordable & Equitable Housing

On this show, Ashkán Zandieh chats with leading real estate tech investors Jenny Song of Navitas Capital, Paige Pitcher of Moderne Ventures, and Sarah Liu of Fifth Wall on the future of affordable and equitable housing. These industry experts will take a deep dive into the current state of the housing and rental market, technology solutions for the housing crisis, where the industry is heading, and a whole lot more. If you want to speak or sponsor a CRETI event, contact us.

Notable Rounds of Funding

  • June 1, 2022 — Cove, a Washington, DC-based commercial real estate tenant experience platform, raised a $10 million Series A led by Blackstone Innovation with investments from Second Century Ventures and Kastle Systems.

  • June 2, 2022 — Pulley, a San Francisco, CA-based construction tech-building permit platform, raised a $4.4 million Seed round led by Susa Ventures with investments from BoxGroup, Fifth Wall, Suffolk Construction, South Park Commons, Tooey Courtemanche (ProCore), Nat Friedman (GitHub), Ryan Peterson (Flexport), Chase Gilbert (Built) and Jean-Denis Greze (Plaid).

  • June 2, 2022 — Ecoworks, a Berlin, Germany-based modular carbon-neutral housing retrofit platform, raised a $8.28 million Series A from Warema Group, JLL Spark, Zacua Ventures, Blackhorn Ventures, PropTech1, and Motu Ventures.

 
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