This has been a banner year for proptech — the at times hard-to-define industry blending real estate and technology.
According to a report by CRETech, proptech investment in the first half of 2019 has already topped the amount raised in all of 2018. Funds have poured $14 billion into proptech companies in the first half, up more than 300% from the same period last year, and 2019 is on pace to be the biggest year ever for proptech investment.
Proptech-focused venture firms like MetaProp, Fifth Wall, Moderne, and Camber Creek have played a significant role in the space's rising profile. And MetaProp, founded in 2015, just announced its fifth accelerator cohort at New York's Columbia University, bringing its overall number of cohorts to seven.
The accelerator offers each of the seven companies in the cohort a minimum investment of $50,000, scaling up to $250,000. The 22-week program includes mentorship from companies including the property giant Brookfield and the proptech unicorn VTS.
The MetaProp program is one of the only accelerators in the proptech space — though Colliers and Techstars also operate an accelerator in Toronto. Out of 250 applications, MetaProp placed seven startups in the cohort, reflecting an acceptance rate substantially lower than their Ivy League hosts' own undergraduate acceptance rate.
MetaProp invests primarily in early-stage companies, some of which come out of their accelerator. Enertiv, a commercial-real-estate-data company, Bowery Valuation, an appraisal-software company, and Flip, a company that makes subleasing easier, have all gone through the accelerator and subsequently raised more than $5 million.
Take a look at the newest class.
Alpha'a
Alpha'a sells limited-edition prints of artwork to businesses in multiple industries and for residential use. Founded by two Brazilian women, it works with 7,000 artists around the world and has sold artwork to Airbnb, Zola, and West Elm.
Aren
Aren is a platform that provides building information to asset managers, using machine learning to analyze data. It has not yet publicly launched.
Mero Technologies
Mero Technologies is an "internet-of-things" company for building operators. It provides information about a building's operations and cleanliness and can automatically route maintenance and cleaning crews to areas that need their attention.
Switch Automation
Switch Automation is a software company that collects disparate information about a building into one platform. It can integrate with traditional systems as well as internet-of-things devices. The Australian company, founded in 2012, has raised two rounds of funding previously, including a seed round in 2015 from the female-focused investment network Scale Investors.
The Lieu
The Lieu provides feminine-care and grooming products to offices and other public spaces through a subscription service. They sell a smaller box for personal or small-scale use, as well as one for a larger commercial client.
The Toolbox
The Toolbox is an on-demand labor marketplace for construction workers and subcontractors. It appears to be an Uber-like application for construction jobs and provides a digital interface to manage the work from bid to invoice. The Toolbox plans to track ratings and licenses of workers, who they will pay directly through the app.
TracFlo
TracFlo is a business-management tool for construction contractors. The software tracks changes in costs over the course of a job, a common problem in construction. Founder Khalid David began working on the product while running a drywall company.
