Silicon Prairie: Proptech firms catch fire in Chicago

Industry leaders say the city is a breeding ground for startups aimed at streamlining real estate investment and property management

Chicago /
Jun.June 14, 2019 12:00 PM
Chicago's business district (Credit: iStock)

Chicago’s business district (Credit: iStock)

Chicago is shaping up to become the nation’s foremost breeding ground for new real estate technology startups.

About $14 billion was invested in real estate technology last year, compared to $2 billion in 2016, according to Moderne Ventures, an early-stage venture fund. A big chunk of that investment is pouring into Chicago’s exploding field of companies aiming to streamline real estate investment and property management, several industry leaders told Crain’s.

The city is “ahead of the curve” when it comes to nurturing new real estate startups, Bob Gillespie, executive director of the tech accelerator Reach Commercial, told Crain’s.

Burgeoning Chicago-based ventures like Avail, which helps small landlords collect rent and manage apartments, and Livly, the tenant-services app launched by Cedar Street Companies co-founder Alex Samoylovich, both scored multimillion-dollar funding rounds this year.

And digital commercial leasing brokerage Truss is rapidly expanding across the country, less than three years after it was founded in Chicago.

Former Mayor Rahm Emanuel claimed credit for helping cultivate the city’s booming tech sector during his eight years in office, which concluded last month. [Crain’s] — Alex Nitkin


Related Articles

arrow_forward_ios
Industrious CEO Jamie Hodari and 600 West Jackson Boulevard (Google Maps)

Flex-office provider Industrious sued by landlord

Flex-office provider Industrious sued by landlord
A rendering of Greenhouse in Skokie (Photo via Camburas Theodore LTD)

Marijuana dispensaries level up with sleek design, larger footprints

Marijuana dispensaries level up with sleek design, larger footprints
Liberty Mutual at 27201 Bella Vista in Warrenville (Google Maps)

Chicago’s Q3 suburban office market hits highest vacancy in decade

Chicago’s Q3 suburban office market hits highest vacancy in decade
Mayor Lori Lightfoot (Getty, iStock)

Lightfoot to propose $94M property tax hike

Lightfoot to propose $94M property tax hike
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
arrow_forward_ios

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

Loading...