MetaProp looks to raise $25M for real estate tech fund

Accelerator invests $25K to $250K in early-stage startups
By E.B. Solomont | June 21, 2017 11:15AM

From left: MetaProp NYC founders Aaron Block, Clelia Peters and Zach Aarons

From TRD New York: MetaProp NYC is hitting the gas on a new investment fund.

The real estate tech accelerator, which mentors early-stage startups, is looking to raise $25 million for MetaProp Ventures II, according to disclosures with the U.S. Securities and Exchange Commission.

MetaProp, founded in 2015 by Zach Aarons, Clelia Peters and Aaron Block, invests $25,000 to $250,000 in pre-seed and seed-stage companies, according to its website. It also incubates up to 10 startups each year — offering research, advice and other services. This year’s cohort includes Bowery, a commercial appraisal firm; Flip, a peer-to-peer leasing marketplace; and OnTarget, a project management system for construction.

“Our policy is to not comment on any fundraising activities. We remain firmly dedicated to supporting the best and brightest entrepreneurs within the prop tech sector,” said Aarons.

Overall, real estate tech companies raised $2.6 billion from investors in 277 deals last year, according to CB Insights. Through April of this year, they raised $733 million in 61 deals.

Last month, the venture capital firm Fifth Wall Ventures raised $212 million for a fund that invests in property tech startups. Of that amount, $110 million came from real estate companies including CBRE [TRDataCustom], Prologis, Hines, Equity Residential and others. To date, the Los Angeles-based firm has invested $70 million in companies including New York’s VTS.

Cadre, an online investment platform for real estate that’s backed by Jared Kushner, recently closed a $65 million Series C round led by Andreessen Horowitz. That brought the total funds raised to $133.3 million from investors including Alibaba’s Jack Ma, Founders Fund and Josh Kushner’s Thrive Capital.