Proptech is rising to the challenge to meet more needs in the real estate industry, from rental management and second-home programs to managing your digital reputation, commissions and more. Encouraging greater leading-edge technology development in the real estate space, Second Century Ventures, the investment arm of the National Association of REALTORS®, announced Tuesday the 2023 classes of its REACH and REACH Commercial programs. The 14 startups chosen—seven in each program—will receive education, mentorship, networking and national exposure as they look to expand their mark on the global real estate marketplace.
“These 14 companies represent some of the most promising and innovative solutions in the real estate technology space,” says Dave Garland, managing partner of Second Century Ventures. “By supporting and investing in innovative small businesses through the REACH program, we can ensure that REALTORS® have access to the latest and most effective tools and technologies, enabling them to better serve their clients and stay ahead in an ever-evolving industry.”
This year’s cohort encompasses solutions for financial planning, second-home property ownership, property management, lead generation, marketing, mortgage asset management, tenant retention and more. The 14 companies have collectively raised more than $100 million in funding. “Their solutions are poised to make a significant impact and help overcome the challenges that lie ahead in the real estate industry,” says NAR CEO Bob Goldberg, who is also president of SCV.
The 2023 REACH Class
- Flock: offers a seamless and tax-deferred exit from rental property that uses the 721 exchange, allowing property owners to passively earn income and appreciation without the traditional responsibilities of ownership.
- HighNote: brings a drag-and-drop presentation and proposal platform to help agents pitch and sell listings, offers, neighborhoods and themselves.
- Plus Platform: modernizes asset management and trading with a platform for residential mortgages that provides transparency and liquidity to the mortgage market.
- Prisidio: offers a digital vault to capture and securely share your most important information with the key people in your life.
- Real Grader: measures, manages and maximizes digital reputation for real estate professionals across search, social media and real estate platforms.
- Summer: aims to simplify the process of finding, buying, designing and monetizing a vacation or investment home through a nonfractional approach.
- Tongo: offers a private card-based product for agents to draw against pending commissions ahead of closing, and only repay when they get paid.
The 2023 REACH Commercial Class
Alongside REACH, which is now in its 11th year, the 2023 REACH Commercial class also was announced Tuesday. In that cohort, the companies “bring solutions that fundamentally change commercial real estate operations, finance and brokerage, as well as how we manage, experience and understand properties in which we live and work,” says Bob Gillespie, executive director of REACH Commercial.
- APM Help: brings property management solutions that prioritize quality and customer service and leverage expertise in finance, operations and accounting.
- BlueStreak IoT: improves the efficiency and performance of services in commercial real estate, including ScentBridge's ambient scent delivery, indoor air quality monitoring, clean air as a service, replenishment management and performance compliance.
- Dwellwell Analytics: touts a comprehensive monitoring and early warning maintenance platform for residential property owners who need to reduce operating costs and avert disasters.
- Fortress PropTech: offers an innovative platform using automation technology and data integration to streamline property management and efficiency.
- Fyma: delivers occupancy and human activity analytics to improve asset management and property operations.
- Rockport: provides mission-critical commercial real estate systems to the top financial institutions in the world.
- Work & Mother: offers a commercial lactation suite service with an associated technology that satisfies property owners’ legal obligations to provide “mother’s rooms.”