MetaProp launches $40M investment fund
Investors include RXR Realty, Cushman & Wakefield, CBRE
Real estate tech accelerator and venture capital firm MetaProp has raised $40 million for its second fund, which it will use to back 40 early-stage companies.
The property tech accelerator, founded in 2015 by Clelia Peters, Zach Aarons and Aaron Block, initially had planned to raise $25 million for its second fund, but investor interest pushed that figure up to $40 million, Peters said.
MetaProp has already made nine of the 40 investments, including smart intercom startup Doorport, home equity startup Irene, and Hoozip, a software platform for real estate investors. Companies in the second round will receive between checks of between $150,000 and $2 million, and MetaProp aims to potentially invest in Series A and B funding rounds. Inman first reported the news.
The funding round comes amid rising interest in the real estate tech space. Last year, real estate tech across the globe saw VC investment triple to $12.6 billion.
In April, the Canadian parent company of Brookfield Property Partners announced it would sink up to $300 million in startups, with a portion of that funding earmarked for property tech companies. [Inman] – Eddie Small