PropTech Update – July 2021 | Allen Matkins
Connected real estate magazine – June 24
New York-based PropTech venture capital firm MetaProp recently announced the closure of its latest real estate technology seed fund. MetaProp Ventures III, LP’s $ 100 million oversubscribed is more than two and a half times the size of the company’s second fund, which closed at $ 40 million in 2018. MetaProp has invested in more than 130 technology start-ups through the value of the property. chain since its creation in 2015.
GeekWire – June 30
A new real estate startup led by former Zillow executives Greg Schwartz and Carey Armstrong officially launched Wednesday in Seattle, Dallas and Houston. Tomo also announced an additional $ 30 million in a giant funding round of $ 70 million. Tomo wants to speed up the mortgage approval process and move it entirely online, like a PayPal for the mortgage industry. The company says it can reduce the average time to close by up to 55%.
Online catering business – July 6
C3, a technology-driven restaurant company, has raised $ 80 million to help expand its rapidly growing network of ghost kitchens, traditional eateries and food halls. Spearheading the massive fundraiser are large real estate investor Brookfield Asset Management and ghost kitchen supplier Reef Technology. As part of the deal, Reef will bring C3 concepts to 500 new locations through its parking lot-based kitchen units, tripling C3’s current footprint.
Technological crisis – June 28
Side, which strives to turn independent agents and brokerages into boutique brands and businesses, raised “over $ 50 million” in a funding round that more than doubled its valuation to 2, $ 5 billion. The latest funding comes just three months after the San Francisco-based startup raised $ 150 million in a Series D funding round led by Coatue Management at a valuation of $ 1 billion.
The San Diego Union-Tribune – June 14
Blooma, which makes software to streamline commercial real estate loan underwriting, raised $ 15 million in a Series A venture capital funding round. Canapi Ventures led the round. The company specializes in financial technology investments and its sponsors are mainly banks. Blooma uses optical character recognition, for example, to extract key data from underwriting process documents to quickly provide cash flow analysis and assessment. This helps banks determine early on whether the project is reaching its lending thresholds, without having to perform a full appraisal.
The Real Deal – July 6
Nextdoor is the latest PropTech company to try their hand at the PSPC market. The San Francisco-based Neighborhood Social Networking Service said Tuesday it plans to go public through a Special Purpose Acquisition Company (SPAC), raising $ 686 million and valuing the company at 4 , $ 3 billion.