RXR launches $50M tech investment fund

Vehicle to close by end of 2018

New York /
Jun.June 27, 2018 03:01 PM

Scott Rechler (Credit: Getty Images)

RXR Realty is raising a $50 million fund to invest in real estate tech startups.

The real estate company hopes to close the vehicle by the end of the year, Bloomberg reported.

“We’ve seen how technology has become more and more ubiquitous in our business and want both the opportunity to invest and to be at the forefront of leveraging these technologies that can help us run our business more effectively,” RXR’s CEO Scott Rechler told the outlet.

Investors will be able to invest an additional $100 million in startups alongside the fund, according to Bloomberg.

RXR’s move comes as a growing number of real estate companies invest in tech startups. For example, the in-home assistant and property management company Hello Alfred recently raised $40 million in a Series B round led by DivcoWest and Invesco.

Meanwhile Fifth Wall Ventures, a VC company that counts several landlords among its investors, is raising a new $400 million real estate tech fund.

And RXR itself was an investor in MetaProp’s recent $40 million real estate tech fund. Rechler’s firm is also an active debt lender in the city and was recently tapped to co-develop the Jet Blue Terminal at John F. Kennedy International Airport. [Bloomberg] — Konrad Putzier 


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
Knock CFO Michelle DeBella and CEO Sean Black (Photos via Knock; PR Newswire)

Knock hires ex-Lyft, Uber exec as first CFO

Knock hires ex-Lyft, Uber exec as first CFO
RXR CEO Scott Rechler with 56-19 Grand Avenue, Queens (Getty, RXR)

These were the top outer-borough loans in December

These were the top outer-borough loans in December
From left: American Express CEO Kenneth Chenault, Joshua Kushner, Richard LeFrak, Softbank CEO Masayoshi Son, Miki Naftali and Salesforce CEO Marc Benioff (Getty)

Compass’ IPO means payday for these investors

Compass’ IPO means payday for these investors
The Real Deal's E.B. Solomont

Who made bank in Opendoor’s IPO? $100M for a visitor logbook firm Inbox

Who made bank in Opendoor’s IPO? $100M for a visitor logbook firm Inbox
Amazon CEO Jeff Bezos (Getty; iStock)

Amazon to put $2B into affordable housing

Amazon to put $2B into affordable housing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...