Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
The Real Deal
Total addressable market, or TAM, is a metric investors use to figure out whether a sector is worth their trouble. With a tiny TAM, even a home-run investment in a startup may not generate the return investors crave. Target a big TAM, however, and things get a lot more interesting.
TechCrunch
Obie, which has developed an insurtech platform for landlords, has raised $10.7 million in a Series A funding round led by Battery Ventures. Thomvest Ventures, Funders Club, MetaProp and Second Century Ventures also participated in the financing.
Business Wire
NEW YORK–(BUSINESS WIRE)–Gorillas, the on-demand grocery delivery startup and the fastest European startup to reach unicorn status, is launching its operations in the U.S. on May 30. Providing on-demand grocery delivery service in ten minutes or less, Gorillas will begin its U.S. expansion with service in Bushwick, which includes parts of Williamsburg and Downtown Brooklyn, which includes the Boerum Hill, Cobble Hill and Carroll Gardens neighborhoods, with plans to expand to additional areas o…
Bisnow
At Crocker Partners’ 11M SF of offices across the Southeast, occupancy has stubbornly hovered around 25% over the past six months. But as vaccination rates have risen and restrictions have lifted, its offices are more like 35% filled this month, Managing Partner Angelo Bianco said, a disappointingly low number for this point in the year….
Business Insider
On Monday, Stavvy announced that it had raised $40 million in Series A funding, led by Morningside Technology Ventures. The company declined to disclose its valuation following the round. Based in Boston, Stavvy runs a service for mortgage lenders to have important real estate documents signed and notarized online.
TechCrunch
We previously wrote about Propy using blockchain technology to smooth real-world real estate sales by introducing the concept of smart contracts. Propy was the first blockchain startup to make that work. Now the company is pushing the boundaries again, by auctioning a real apartment as an NFT. Although one might want to brush this aside as a stunt, the event is designed to make the point that it could well be done legally. And, by golly, they are going to try….
CREtech+
Lee Odess, Founder and CEO of Group 337, examines the security technology advancements in CRE, and the value of customizing user experience.
Renaissance Capital
Fifth Wall Acquisition III, the third blank check company formed by Fifth Wall targeting real estate technology, raised $250 million by offering 25 million shares at $10. The company did not offer units with warrants attached. The company is led by CEO and Chairman Brendan Wallace, who is a co-founder and Managing Partner of Fifth Wall Ventures, and CFO and Director Andriy Mykhaylovskyy, a Managing Partner and COO of Fifth Wall. The group’s other SPACs include Fifth Wall Acquisition II (FWAB), w…
Reuters
New York-based indoor vertical farming startup Bowery Farming said on Tuesday it raised $300 million in its latest funding round, valuing the company at $2.3 billion as the pandemic shed light on the importance of securing local food supply.
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