Who’s Investing in Proptech: April 2025

April 2025 marked a pivotal month for venture capital in proptech and adjacent sectors, with over $1.2 billion deployed across 50 disclosed transactions. Yet behind the headline number lies a deeper reshaping of the capital stack. Strategic allocations from a concentrated group of financial and strategic investors drove the surge. Notably, Andreessen Horowitz, TPG, SoftBank Vision Fund, Founders Fund, and Resolve Growth Partners led the month's most influential rounds, signaling renewed institutional confidence in real asset-backed innovation.

Stage-wise, early-stage venture (Seed to Series A) accounted for 54% of the deal count, although only 8% of the total capital, indicating that discovery-phase investing remains active but disciplined. The lion's share of funding flowed into Series B+ equity and venture debt, which together made up over 80% of total capital deployed. The composition of investors reveals a barbell strategy at play: GPs at the early-stage remain focused on thematic bets in automation and decarbonization, while growth-stage and crossover investors are seeking durable revenue in embedded finance and energy infrastructure platforms.

Powering Real Estate: Energy Infrastructure Captures Strategic Capital

Proptech’s investment narrative is shifting toward infrastructure. The most significant funding themes centered around distributed energy, grid integration, and electrification:

• Base Power ($200M Series B) – Backed by Andreessen Horowitz, Lightspeed, and Valor Equity, the firm represents the maturation of grid-native platforms designed for asset-level energy control.

• Enpal ($120.8M Venture) – With capital from TPG, SoftBank, and the European Investment Bank, Enpal solidified its role as Europe’s residential solar leader.

Together, energy-centric platforms attracted over $327 million, indicating that venture firms increasingly view energy data, financing, and hardware integration as mission-critical to the built world. Investors are now underwriting energy as a vertical within real estate—not as an adjacent sector.

Debt and Corporate Capital Are Now Core to Proptech’s Capital Stack

April saw a pronounced shift toward structured finance. Of the total capital deployed, over $520 million came via venture debt or corporate strategic rounds, led by:

• PowerPay ($400M Debt) – A non-dilutive raise backed by KeyBank, underscoring the appetite for revenue-tied capital in consumer-facing proptech.

• Clikalia ($109.6M Debt) – Backed by Macquarie, Clikalia’s round shows how private credit is evolving to support real estate liquidity.

In tandem, corporate investors (e.g., Advenza, EKI Energy, MetaProp) participated in early rounds for PARE, Tvasta, and Adaptis, bringing operational leverage and market validation. These signals suggest a capital structure evolution: venture equity remains important, but is increasingly accompanied by flexible instruments that match the cashflow profiles of later-stage proptech firms.

Operational Automation at the Seed Stage Draws Institutional Attention

Investors continued to fund tools that digitize, automate, and optimize facilities and construction workflows. Across April, $38M+ was invested into workflow and AI-driven platforms, including:

• AppWork ($13M Series A) – Backed by Resolve Growth Partners, focused on automating multifamily maintenance ops.

• Vestigas ($8.8M Seed) – A jobsite procurement platform funded by Project A Ventures and Realyze Ventures.

• Adaptis ($4M Seed) – A Canadian carbon-simulation platform backed by Building Ventures and MetaProp.

Each round underscores a common investor logic: the next phase of value in real estate tech lies not in UI/UX, but in core operational leverage. These platforms are selling directly into P&L functions—making adoption more likely and ROI more measurable.

What Does This Mean for Proptech?

Venture capital in proptech has been bifurcated by stage, structure, and investor profile. Seed rounds remain experimental, but are increasingly backed by verticalized firms with deep domain conviction (e.g., Building Ventures, Navitas Capotal, Antler, Dream Capital). Growth and late-stage rounds are dominated by GPs and LPs seeking yield-backed defensibility, resulting in outsized allocations in embedded finance, energy, and automation platforms.