The drive to address the real estate industry’s biggest challenges through technology has increased the number of PropTech start-ups by 300% in the last decade and boosted global investments from £7.1bn in 2020 to £15.5bn in 2021 with the UK pouring in £1.6bn.
With more funds that are backing real estate technology, Second Century Ventures (SCV) which launched REACH UK in March 2020 in London, just announced their second London-based scale-up programme by accepting 11 new European technology companies. SCV, the strategic investment arm of the National Association of Realtors®, is the most active global real estate technology fund and runs four REACH programs across the US, Canada and Australia.
“We are excited to launch our second cohort and welcome 11 new companies to the REACH UK portfolio,” said Valentina Shegoyan, Managing Partner of REACH UK. “We have listened to the real estate industry’s most pressing challenges over the last year and answered the call with a diverse range of solutions in this year’s cohort. These include some cutting-edge innovations which are helping improve environmental footprint, the sharing economy, property and facility management, and agent tools.”
The pandemic pushed the industry to find new solutions and REACH UK announces the 2022 program with support from strategic industry partner Propertymark, the UK’s leading professional body for professional property agents, representing members who practice from over 15,000 offices in all aspects of property services. Through this collaboration, Propertymark is able to further help its members navigate new market conditions with unique access to the best-in-class technology.
“We’re excited to be working with REACH UK to help accelerate their growth to drive digital innovations in the industry,” said Nathan Emerson, CEO, Propertymark. “Early engagement with these exciting companies will help members of Propertymark navigate the world of technology as it develops and give them early exposure to some of the best-in-class tech solutions.”
Companies selected for the 2022 program are domiciled in the United Kingdom, France, and Estonia, and operate across a diverse range of market segments and specializations. Collectively, this cohort represents a combined valuation in excess of $200 million and employs over 200 people globally.
Steve Rad, Founder of Inventory Base and Property Inspect, and participant in the inaugural REACH UK 2021 program comments: “REACH UK has helped us to hone our product through mentorship and knowledge transfer sessions and to expand to international markets. In the last year alone, our Property Inspect brand has grown over 60% in revenue, and we’re already 7 years in, so we’re very pleased with our trajectory for this company, and are looking forward to continue to benefit from being a part of REACH and SCV portfolio for years to come.”
The companies accepted to the REACH UK 2022 program are as follows:
Solutions in Sustainable Futures
Fyma(link is external): AI powered actionable insights for landowners, asset and portfolio managers through real-time data gathering from existing video capturing devices.
BlockDox(link is external): Patented technology powering portfolio owners’ and operators’ ability to manage sustainability goals, reduce operational wastage, increase profitability, and improve space utilisation.
Mökki(link is external): Circular economy business helping consumers to recycle, resell and measure the impact of their used goods via operating smart last mile mini hubs in offices, mixed-use developments, shopping centers and other buildings.
Houzen(link is external): Data driven platform to enable fast financing, valuation certainty and refurb imagery to ensure buyers buy the right home and grow equity value through sustainable refurbs.
Solutions for the Commercial Sector
Edozo(link is external): Commercial property valuation platform combining best-in-class digital mapping with occupier plans, transaction data and automation tools for agents, valuers, developers, investors and architects.
Cleverly(link is external): Multi-stakeholder solution that uses no-code workflow automation and sensor integrations to provide operating efficiencies for property and facility managers.
Solutions for Consumer Experience
SearchSmartly(link is external): AI property matchmaking engine with focus on superior consumer experience, providing higher quality leads, and higher conversion at lower cost for estate agents, build to rent providers, and developers.
Residently(link is external): The app that makes renting fast, easy and rewarding for renters, property managers and letting agents by making searching, securing, managing, and moving home a seamless experience.
Solutions for the Residential Sector
Monspire(link is external): Working capital finance solution for real estate agents and SMEs providing a real-time credit scoring with personalised accuracy utilising open banking.
Safe2(link is external): Tracks and automates property inspections and certifications to streamline landlords’ & estate agents’ compliance processes.
Property Deals Insight(link is external): Comprehensive, in-depth property data analytics helping investors, estate agents and real estate service providers analyse and package their property investments in a few clicks.
REACH UK’s 2022 program kick-off is supported by Savills, an event partner with a shared enthusiasm to grow the community of technology, real estate, and capital providers from across the globe to share ideas, exclusive news and cutting-edge insights and drive digitalisation and innovation in the industry.
REACH UK will offer its incoming cohort a robust curriculum comprised of education, mentorship, exclusive networking opportunities and significant exposure to the global real estate marketplace. To learn more about REACH UK and how you can get involved, visit https://nar-reach.com/uk/(link is external).