Who is Investing in Real Estate Tech? 2H 2025 Edition

Every six months, Thesis Driven publishes the results of our biannual real estate tech investor survey in which we poll representatives of more than 50 venture firms known to invest in the real estate tech category. (You can find January’s results here).

The first half of this letter will be dedicated to the results of our poll, and the second (post-paywall) half will provide our detailed list of individual firms.

Investment Activity: Have We Peaked?

While our past few surveys indicated raising optimism, sentiment took a step back in this month’s poll—the percent of investors who believe the next 12 months will see a higher volume of deal velocity dropped from 81% to 56%, with 15% believing we will see fewer deals in the coming year.

Of course, this is a question about the first derivative of deal volume, not deal volume itself. Given that velocity has been pretty strong over the past 12 months, it’s likely some investors simply believe we’re running out of headroom. But investors are still generally optimistic about the future.

Stage

The past few surveys had seen a slow-but-steady shift toward layer-stage dealmaking that seems to have subsided—if not reversed—in this month’s poll. Notably, the percentage of investors looking at pre-seed to Series A deals inched upward from the prior poll while the number of investors looking at growth-stage deals fell significantly.

My takeaway from this is that early stage real estate tech investing isn’t going anywhere; there’s still significant demand for early stage deals including pre-seed. Whether the drop in later stage investing is genuine or just a blip in the data remains to be seen.

Sectors

The big three categories from prior surveys are largely unchanged: data & AI, construction tech, and SaaS drive the most demand from investors.

Declining interest in clean tech is perhaps the largest theme of the year; a hostile US administration paring back subsidies combined with a lack of meaningful exits has put a damper on climate and clean tech investing. It’s not rare to see “climate” firms, events, and experts rebrand to “energy” or “infrastructure” as the tide recedes.

On the flip side, there is rising interest in real estate services businesses, with a narrow majority of investors polled now expressing interest in backing services plays.

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Now, onto our list of active real estate tech investors. For most firms, we were able to gather:

• Whether or not they “lead” rounds and are still making investments;
• Stages at which they invest;
• Sectors of real estate tech of most interest;
• Whether they invest in “PropCo” structures as well;
• An example recent investment.

Read on for the full list. If any investors not on this list would like to be included, please reach out to me at brad@thesisdriven.com for a link to the poll.