Which real estate tech companies are providing the most promising tools to agents and their clients?
The National Association of Realtors’ venture capital arm, Second Century Ventures (SCV), has officially weighed in. Today, SCV announced its 2017 REach accelerator 2017 class.
The accelerator, an eight-month program, is designed to give a boost to startups covering real estate and related industries, in part by offering enrollees mentorship by more than 100 industry stakeholders.
And this year, the competition was fierce: “Hundreds of companies applied to REach this year, up significantly from the number of applicants in 2016,” NAR noted in the announcement.
The companies chosen for the 2017 class, which range from seed stage to well-capitalized startups, include:
Centriq: “The app helps solve the problem of transferring home organization, repair and maintenance knowledge from the seller to the buyer while keeping real estate professionals connected to their clients long after the transaction is over.” HouseCanary: “The most complete and accurate source of residential valuations and analytics for every block and property in the U.S., and is used by agents to become differentiated, trusted advisors to their clients.” Notarize: “A leading remote electronic notary service, which allows anyone to legally notarize a document from their mobile device or desktop 24-hours per day, seven days per week.” Occly: “A portable 2-in-1 alarm solution that keeps real estate professionals safe and properties secure.” Pearl Certification: “Certifies homes with features that contribute to its comfort, energy performance, indoor air quality and value. Relola: “Unlocks real estate professionals’ insider knowledge with tools that digitize, amplify and market their everyday tasks.” Trusted Mail: “Protects against wire fraud and email spoofing using facial-biometrics to sign and encrypt email and attachments.”“The seven organizations can expect significant results, as past classes have doubled, on average, their customer base and collectively raised over $60 million in financing both during and after completing the program,” the announcement added.
Having launched in 2013, REach was one of the first real estate tech accelerators, but a number of others have sprouted over the last two years, amid growing interest from investors in real estate startups. Other real estate tech accelerators include programs run by Moderne Ventures, an early-stage venture fund founded by the former director of Second Century Ventures, and MetaProp NYC.
In March, MetaProp NYC also introduced its first-ever eight-week pre-accelerator program.
Unlike some other startup incubators, REach is not focused on helping participating firms raise money. Instead, the program aims to help companies grow revenue, by tweaking their products to best fit the real estate industry, and by providing networking channels to get them face to face with decision-makers. Enrollees have access to over 150 advisers and mentors.
“The future of our industry increasingly depends on fast, seamless adoption of technology that benefits home buyers, sellers and investors at every step of a real estate transaction, from prospecting to closing,” said Mark Birschbach, managing director of Second Century Ventures and REach, in a statement.
Collectively, the class has already raised over $50 million in previous financings and total valuation exceeds $350 million.
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