Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
The Real Deal
Compass is getting into the title and escrow business — two ancillary service lines that could boost its earnings as it works toward profitability. On Monday, the residential firm said it signed a definitive agreement to buy Modus, a title and escrow startup that’s raised $12.5 million. …
Crunchbase
The San Francisco-headquartered company posted a net loss of $118 million on $2 billion in revenue for the first half of 2020, according to a Monday filing with U.S. securities regulators. That’s a decline from the same period last year, when Opendoor had revenue of $2.27 billion and a net loss of $158 million.
TechCrunch
Greycroft, the New York and LA-based venture firm founded in 2006 by investors Alan Patricof, Dana Settle, and Ian Sigalow, has closed on two new funds totaling $678 million in capital commitments. One of those funds is its sixth flagship early-stage fund, which closed with $310 million. The firm also collected $368 million in commitments for a third growth-stage fund that it will use to support breakout startups from its early-stage portfolio….
Bisnow
As the conversations around long-term decisions start to percolate again after a six-month pause, some of the ways the coronavirus pandemic has adjusted new and upcoming developments are coming into focus. Developers and landlords are scrambling to respond to shifts in the way people live and work and shop in future developments, from increasing apartment sizes to accommodate home offices, to pouring more money into technology and infrastructure to combat future pandemics….
Construction Dive
Cityzenith CEO Michael Jansen said efforts are underway to develop the model of the core project site and the surrounding urban neighborhood, which will encompass most of Orlando. “The result will be the most advanced and feature-rich 3D digital twin model of a city in the United States,” he said.
GlobeSt
“Technology is powering modern leasing—remote, effective leasing is just not possible without it,” Stacy Holden from AppFolio said when discussing how apartment owners can fill vacancies faster. Today more than ever before, technology is becoming the key to both quickly and safely drive leasing in apartment properties.
The Real Deal
Fifth Wall, the venture capital firm that’s backed Opendoor, States Title and Industrious, is looking overseas for its next hit. The Los Angeles-based firm is currently raising a $118 million European fund to invest in proptech startups. Although the fund is not yet closed, investors so far include the real estate arm of BNP Paribas, the French bank; Pontos, a Finnish family office; MOMENI, a German real estate developer; and Azora, a Spanish investment manager.
Bloomberg
Some 53% of larger organizations plan to reduce the size of their office space and more than three quarters will increase work flexibility. Almost all of the respondents were uncomfortable returning to work because they fear contracting the virus, the poll found.
The Fort Podcast
Sce Pike is the Founder and CEO of IOTAS, a complete smart apartment ecosystem with simple installation giving residents the best user experience for their Smart Apartments. On this episode, she and Chris talk about the early days of the startup, the importance of getting right in front of your customers, how IOTAS is helping us… …
TechCrunch
For several years, blockchain technology has been touted as a way to verify the sale of property. Any kind of property. And so entrepreneurs busily began the process of trying to create a startup that could complete a property deal on the blockchain.
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