Proptech is hot, drawing a record $4 billion in investments during the first quarter of this year.
First American Financial Corp. is adding to the trend, branding its venture capital division as Parker89 in a bid to raise its profile in the proptech sector.
Parker89 will focus on early stage companies and entrepreneurs focused on residential and commercial real estate ventures such as tech-enabled brokerages and marketplaces, agent tools and mortgage tools, according to a First American announcement.
Named after the First American founder C.E. Parker, and 1889, the year he founded the company. The name has current resonance, too, with Parker Kennedy, a great grandson of the founder, is a former chairman and current chairman emeritus of the company, with a seat on its board of directors.
Parker89 is led by co-managing director Paul Hurst, who also serves as First American’s chief innovation officer. Nate Levin also is a co-managing director. The managing directors met each other at Endpoint, a mobile-first title and escrow company. Tucker Ryals will serve Parker89 as the vice president of strategic relationships.
Since 2019, First American has invested more than $350 million into proptech companies such as Offerpad, a digital real estate marketplace that went public last year. It’s also invested in Side, a tech brokerage, and Roofstock, a company focused on single family investment marketplace.