Focus
Green construction technology investments surge
Environment + Energy Leader – November 22
Investment in low-carbon construction technology surpassed $2 billion this year as the building industry seeks ways to lower its emissions imprint in a way that could include one day storing a significant amount of the world’s carbon dioxide, a report from A/O PropTech finds. Buildings are a significant source of the world’s emissions, and much of that comes from embodied emissions, which has led to the construction industry attempting new processes such as using bio-based and reusable materials. Those advancements have led to a record $2.2 billion in investments in green construction processes in 2022, the report says.
News
Employees want better tech, not snacks
Bisnow - December 6
In an effort to entice employees back into the office, companies have ramped up digestible perks like beverages and food, but a recent survey conducted by PropTech firm Essensys indicates that employees instead want better technology and flexible workstations. Of the 1,000 U.S. workers the firm surveyed earlier this year, 81% expressed frustration with their office situation, with 56% preferring better technology to enhance their ability to work, and 52% looked at the tech amenities in other buildings with envy, Commercial Observer reported.
Airbnb to launch apartment rental service and give landlords a cut
CBS News – November 30
Home-sharing service Airbnb has a pitch for renters stretched thin by inflation: Rent out your apartment to guests to offset the rising cost of living. The short-term rental service is partnering with some of the biggest landlords to helps renters find an Airbnb-friendly apartment where they can live and host at the same time. Airbnb's new partners include buildings operated by Equity Residential, Greystar, and Sentral.
Deals
REZI lands $100M in funding to further national expansion
Forbes – November 15
The rental platform REZI has secured an additional $100 million in debt funding from longtime partner Stratos Credit. REZI, an alum of the startup accelerator Y Combinator, was founded in 2016 with the goal of automating the rental process, decreasing discriminatory practices in renting, and improving outcomes for property owners.
Payments firm Billd lands $100M credit line to fund subcontractors
Construction Dive – November 16
Construction payments firm Billd secured a $100 million debt facility to fund its subcontractor customers’ short-term cash flow needs, the company announced. The warehouse-lending finance structure was led by asset-backed securities investor LL Funds, which also holds equity in the company. Billd, which was founded in 2018, is continuing its advancement into a market that is hungry for fintech service providers as more and more subcontractors turn to payments companies.
PropTech startup raises $43M led by Andreessen Horowitz
The Real Deal – December 7
Setpoint, a software startup aiming to simplify the lending process behind iBuying, has scored funding from major Silicon Valley players. The firm announced a $43 million Series A fundraising round led by Andreessen Horowitz. Other participants in the round include Brad Greiwe’s Fifth Wall and 75andsunny, the investment firm behind brokerages Side and Avenue 8.
ReadySpaces secures $20M in debt
Tech Crunch – November 17
ReadySpaces, a warehouse storage provider for small businesses, has raised $20 million as a part of an all-debt funding round, bringing the company’s total raised to $40 million. While ReadySpaces has been around in some form since 2013, it’s only in recent years that co-warehousing has become a hot trend. In a co-warehousing setup, multiple companies can use the same warehouse space — eliminating the need for the companies to invest in the infrastructure themselves.
Prophia, which extracts info from commercial real estate contracts, raises $10.2M
GeekWire – December 1
Prophia, a startup building a platform that scours and extracts key terms from commercial real estate contracts, raised $10.2 million in a Series A round led by Cercano Management, formerly Vulcan Capital. The company says its software has handled more than a million pages of documents across 1,800 locations.
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