July 2025: Who Led Proptech?
Proptech Venture Funding in July 2025: Seed and Series A Dominate as Lead Investors Focus on AI, Residential Platforms, and Construction Tech
In July 2025, proptech and adjacent sectors raised $767 million across 38 companies. Early-stage capital dominated, with 74% of deals falling into the Seed or Series A category. Lead investors focused their capital on three areas: residential transaction infrastructure, AI-powered underwriting and analytics, and construction technology. Notable lead firms included General Catalyst, Threshold Ventures, Base10 Partners, Simpson Strong-Tie Company, and Khosla Ventures.
While deal volume remained stable, investors concentrated capital into fewer, higher-conviction bets. Growth rounds were limited and only raised by firms with strong revenue models or strategic relevance. The month’s activity reinforces a continued shift toward product-market fit and applied innovation.
Stage Focus: Seed and Series A Dominate Capital Formation
28 of the 38 rounds were Seed or Series A, led by firms prioritizing traction, customer adoption, and embedded workflows. Check sizes ranged from $1M to $20M.
Seed: Most rounds were led by first-check institutional firms (e.g., Base10, Pear VC, Khosla) or sector-specialist investors (e.g., Closed Loop Partners in climate/construction tech).
Series A: Rounds averaged $10M–$15M and were led by conviction-based lead investors such as Threshold and General Catalyst.
Growth: Only a handful of companies raised later-stage rounds, including Bilt ($250M) and Pacaso ($35M), both of which did not disclose lead investors.
Investors pulled back from overfunded or unproven models. They favored businesses with clear ROI, industry validation, and recurring revenue.
Sector Breakdown: Lead Investor Allocation by Focus Area
1. Residential Platforms
Lead investors concentrated on proptech companies transforming ownership, financing, and transaction models.
Bilt ($250M, Venture): Led by General Catalyst, Bilt continues expanding in rent-to-reward financial infrastructure.
VIVLA ($9.4M, Venture): Led by Samaipata, focused on co-ownership models in Europe.
Terass ($13.5M, Series C): Led by Mitsubishi UFJ Capital, with participation from institutional Japanese real estate capital.
Keyper (Undisclosed, Corporate Round): Led by Ellington Properties, indicating regional developer interest in proptech platforms.
These lead investors focused on platforms with embedded financing tools, growing consumer adoption, and potential to scale across markets.
2. Construction and Climate Tech
Capital continued flowing into startups tackling cost efficiency and sustainability in construction.
Dextall ($15M, Series A): Led by Simpson Strong-Tie Company, a strategic investor from the building products industry.
Supersede ($5M, Seed): Led by Closed Loop Partners, focused on circular economy and sustainable building materials.
Parspec ($20M, Series A): Led by Threshold Ventures, with support from Building Ventures and Hometeam Ventures. Parspec is digitizing procurement for building materials.
Terra CO2 Technologies (Undisclosed, Debt): Silicon Valley Bank and Stifel Bank led the round, backing low-carbon cement alternatives.
Investors favored firms with scalable tech, industrial partnerships, and measurable environmental benefits.
3. AI and Analytics
AI-native tools addressing underwriting, site selection, and operational automation were heavily backed at the Seed stage.
Bild AI ($3.1M, Seed): Led by Khosla Ventures, focused on computer vision for construction analytics.
Duranta ($7M, Seed): Co-led by Base10 Partners, Coalition Operators, and Pear VC. Duranta builds data infrastructure for multifamily operations.
Nexxa.ai ($4.4M, Pre-Seed): Led by A16Z Games Speedrun, with a focus on AI-driven underwriting and intelligence.
Capitalize.io ($4M, Seed): Led by Lerer Hippeau, building a capital markets infrastructure layer for real estate transactions.
These rounds reflect investor confidence in verticalized AI, particularly when paired with clear workflows and data advantages.
Geographic Themes
Lead investors aligned closely with the HQ of their portfolio companies:
North America: General Catalyst (NY), Threshold Ventures (CA), and Simpson Strong-Tie (VA) led major rounds. Most U.S.-based capital flowed to startups in New York, San Francisco, and Seattle.
Europe: Samaipata (Spain), Bpifrance (France), and Capnamic (Germany) led rounds for co-ownership, energy retrofitting, and residential lending platforms.
Middle East & Asia: Ellington Properties (UAE) and Mitsubishi UFJ Capital (Japan) led rounds in regional residential platforms, reflecting localized innovation strategies.
There was no clear influx of cross-border capital; instead, investors led in geographies where they had ecosystem familiarity or strategic alignment.
What Does This Mean for Proptech Venture?
July 2025 reaffirmed a concentrated and strategic approach to venture deployment in proptech. Seed and Series A dominated the landscape. Lead investors backed startups with specialized workflows, real estate embeddedness, and scalable go-to-market strategies.
Three themes stood out:
Residential platforms that combine finance, ownership, and loyalty infrastructure.
Climate and construction startups reshaping how buildings are designed and delivered.
Vertical AI tools targeting leasing, underwriting, and operations.
Generalist investors deferred to specialists. Lead roles were mostly taken by VCs with sector expertise or corporations with strategic interest. For founders, signaling from the right lead now matters more than ever.
