5 Commercial Real Estate Tech Startups to Watch in New York City
The commercial real estate tech market is one of the most difficult to break into, maintain and achieve high status in the startup ecosystem.
According to CRE // Tech’s 2016 Year End Report, funding in CRE Tech declined for the first time in five years with the majority attributed to just a handful of startups. The average funding round in 2016 was over $16 million. In New York City, 20 percent of CRE Tech companies are headquartered and account for 25 percent of funding while the average CRE Tech startup with venture backing raised just $1.95 million over two fundraising rounds in 2016.
Overall, the report analysis found a number of key trends including an emergence of support ecosystems, technology firms are growing globally, and there’s an increase in partners, and mergers and acquisitions. During the last 12-24 months, new incubators and accelerators have been designed to help founders.
Here are five CRE Tech startups to watch in NYC.
AtlasX: Deal management software for commercial real estate acquisitions and dispositions. The software allows you to automate data entry and reporting with a powerful, yet easy to use platform. CEO and Co-founder, Anthony Dominguez, a self-taught programmer, has worked on over $1 billion in transactions on behalf of public REITs and private developers in New York.
Cadre: Raised a whopping $50 million in Series B funding in January 2016. Investment platform connects individuals and institutions to fully vetted, real estate investment opportunities.The platform differs from traditional fund or REIT model by offering an increased investment-level transparency and discretion, lower fees, and a more flexible commitment structure, according to their website.
Makespace: Pick up, store and delivery for less than a typical self storage unit price. Plans start from $59 to $199 per month. The company provides durable bins, wardrobe boxes and tape. Online photo inventory can be managed in an the app. The company raised $17.5 million in Series B funding in February 2016. Available in Manhattan, Brooklyn, Queens and New Jersey neighborhoods.
Managed by Q: Strives to make facilities management easier from catering to pest control in your office. Launched a private beta of Q Marketplace in 2016 and are building platform that’ll integrate with third party hardware and software to create an operating system for working world. Raised $25 million in Series B funding in April 2016 and $30 million in Series C in December. Customers include Staples, SeatGeek, BarkBox and Flatiron Health.
VTS: Merged with Hightower for $300 million in November to form the industry’s leading cloud-based leasing and asset management platform. VTS raised $55 million in Series C funding with Insight Venture Partners as its top investor. Hightower raised its last round of funding, $13 million Series B, in May 2015. The company boasts its comprehensive market intelligence platform and custom reporting.
