Who is Still Investing in Real Estate Tech?

While the real estate tech venture market has cooled, we found at least 30 proptech-focused VCs still writing checks in summer 2023. Here are all of them.

Thesis Driven dives deep into emerging themes and real estate operating models. This week’s letter explores the venture investors still betting on real estate technology companies—and those that may be on the sidelines.

Imagine via Midjourney

We at Thesis Driven have spent a lot of time discussing how real estate innovation is diversifying away from venture dollars. Non-venture paths like co-GP partnerships and PropCo structures are all gaining popularity, but many are still early. Late last year, we catalogued all OpCo-PropCo investors, splitting them into several categories based on their capitalization, strategy, and approach.

It’s is no secret that the proptech venture market has cooled substantially over the past 18 months. By one estimate, VC investment into the sector dropped by 77% year-over-year in Q1 2023 and does not appear to have picked back up since. Still, I regularly get approached by entrepreneurs looking to chat with venture investors for a new real estate technology concept, whether for OpCo-PropCo capital or a more traditional venture investment.

A handful of the 30+ firms still investing in real estate technology companies as of summer 2023

Some deals are getting done, and plenty of investors still have dry powder from funds raised prior to summer 2022—or from strategic partners who remain bullish on the category. But finding investors still actively writing checks is a challenge for many. As a number of investors have pulled back from the ‘proptech’ sector over the past 12 months, we decided to make a list of those known to be still writing checks. At a minimum, each investor has made at least one documented new investment in 2023. Note that we didn’t include two categories of investors:

• Generalist investors who would consider an investment in a vertical software business serving real estate clients but don’t have partners with a proptech focus. While these firms may lead “proptech” deals, including them in this list would expand the pool dramatically;

• Investors who only follow on and do not lead rounds.

Thanks to Jonathan Wasserstrum of Unwritten Ventures and Matt Knight of PropTech Angel Group for their help and collaboration on this list!

For each investor we will include their preferred stage(s) and a recent investment made. Now on to the list: