MetaProp closes $100M third fund for early stage PropTech investments
Connected Real Estate Magazine - June 24
New York-based PropTech venture capital firm MetaProp recently announced closing its latest real estate technology seed fund. The oversubscribed $100 million MetaProp Ventures III, L.P. is more than two and a half times the size of the company’s second fund, which closed at $40 million in 2018. MetaProp has invested in in more than 130 early-stage tech companies across the property value chain since it was founded in 2015.
Tomo’s seed round hits $70M as ex-Zillow leaders aim to digitize mortgage process for homebuyers
GeekWire – June 30
A new real estate startup led by former Zillow executives Greg Schwartz and Carey Armstrong officially launched Wednesday in Seattle, Dallas, and Houston. Tomo also announced an additional $30 million as part of a giant $70 million seed round. Tomo wants to speed up the mortgage approval process and move it entirely online — like a PayPal for the mortgage industry. The firm says it can cut the average time-to-close by as much as 55%.
Digital kitchen operator C3 nabs an $80M investment
Restaurant Business Online – July 6
C3, a tech-focused restaurant company, has raised $80 million to help expand its fast-growing network of ghost kitchens, brick-and-mortar restaurants, and food halls. Leading the massive fundraise are large real estate investor Brookfield Asset Management and ghost kitchen provider Reef Technology. As part of the deal, Reef will bring C3 concepts to 500 new locations through its parking lot-based kitchen units—tripling C3's current footprint.
Real estate tech startup Side raises $50M more at a $2.5B valuation as it preps for an IPO
Tech Crunch – June 28
Side, which works to turn agents and independent brokerages into boutique brands and businesses, has raised “$50 million-plus” in a funding round that more than doubles its valuation to $2.5 billion. The latest financing comes just three months after the San Francisco-based startup raised $150 million in a Series D funding round led by Coatue Management at a $1 billion valuation.
San Diego startup Blooma pulls in $15M to streamline underwriting for commercial real estate lending
The San Diego Union-Tribune – June 14
Blooma, which makes software to streamline underwriting for commercial real estate loans, has raised $15 million in a Series A round of venture capital funding. Canapi Ventures led the round. The firm specializes in fintech investments, and its limited partners primarily consist of banks. Blooma taps optical character recognition, for example, to extract key data from documents in the underwriting process to deliver cash flow analysis and valuation quickly. That helps banks determine early on whether the project meets its lending thresholds, without having to do a full write-up.
Nextdoor to go public in $686M SPAC deal
The Real Deal – July 6
Nextdoor is the latest PropTech company to try its hand at the SPAC market. The San Francisco-based social networking service for neighborhoods said Tuesday that it plans to go public through a special purpose acquisition company (SPAC), raising $686 million and valuing the company at $4.3 billion.