Focus
Apartment owners lean into technology to meet energy targets
GlobeSt.com – February 18
In the last 12 months, there has been a spotlight on environmental, social, and governance, also known as ESG, but it isn’t only investment capital that is prioritizing sustainability. Apartment renters are showing a clear preference for environmentally responsible housing. It is a combination that has not only incentivized but pushed owners and developers to reduce energy consumption. Technology is playing a starring role in the race to reduce multifamily energy consumption. The tools are all over the map, from in-unit features, like LED lighting, to software that helps to manage energy usage across a portfolio.
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News
The future of senior housing PropTech
Multi-Housing News - March 1
The prevalence of PropTech has been gaining ground in commercial real estate, though many owners and operators are still slow to adopt. But for one niche poised to experience booming demand, PropTech could be a game changer. A new generation of tech-savvy senior housing residents coupled with a sea change of thought on cleanliness and air quality in the places people live and work underscores how important it is becoming for owners and operators to update their tech features.
PropTech firm Swivel pivots business to virtual worlds
The Real Deal - March 4
True to its name, Austin-based PropTech firm Swivel is about to pull a major one-eighty. The company, which creates digital twins of offices for remote touring and floor planning, let go of an undisclosed number of employees this week as it transitions its business to focus on designing commercial space for the metaverse, co-founder and CEO Scott Harmon told The Real Deal. Swivel will “help clients build and deploy” digital office and retail real estate in popular “public” virtual worlds like Decentraland and in the myriad private “walled gardens” corporations like Facebook and Microsoft are constructing for their own employees and customers.
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Deals
Veev raises $400M to scale tech-enabled homebuilding
HousingWire - March 1
Veev, a California-based homebuilding company, announced raising a $400 million Series D funding round led by BOND, according to a press release shared with FinLedger. The company says it will use the funding to scale its operations, accelerate its research and development, and expand construction into new markets. LenX, Zeev Ventures, and Fifth Wall also participated in the round, which brings Veev’s total funding to date to $600 million.
Camber Creek raises $325M PropTech fund
PlaceTech – March 1
The real estate-focused VC firm Camber Creek has closed an oversubscribed fourth fund, doubling its previous fund size as it looks to grow its PropTech portfolio. With more than $500 million in assets under management, Camber Creek has invested in 34 startups across the industry since 2011, including Notarize, Flex, FlyHomes, Measurabl, and Latch. Of these, almost half have either successfully exited or have become unicorns, the company said.
OpenSpace closes $102M Series D round
Commercial Observer – March 4
The increasingly crowded field of construction technology saw a PropTech provider get a big boost last week when OpenSpace, an artificial intelligence-driven platform that makes construction site progress more visually accessible, closed a $102 million Series D funding round led by PSP Growth, the venture and growth equity arm of PSP Partners. The latest funding for the San Francisco-based startup founded in 2017 will be used to expand OpenSpace’s fast-growing global platform, according to OpenSpace CEO and co-founder Jeevan Kalanithi.
Facilio, which develops AI-powered property management software, nabs $35M
VentureBeat – February 22
Property operations software developer Facilio has raised $35 million in series B financing led by Dragoneer Investment Group with participation from Brookfield Growth, Accel India, and Tiger Global Management. The company’s suite of applications target maintenance, operational visibility, sustainability, and remote equipment performance monitoring use cases.
WSP picks first 4 startups for its ConTech incubator
Construction Dive – February 23
Engineering and professional services company WSP USA has unveiled the four startups selected to participate in its new growth accelerator, the Emerging Growth Partnership Program, according to a press release. Bayotech, Bundle, DisasterTech, and Sphera will participate in the first cohort, with a focus on climate, resilience, and sustainability.
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