Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Bloomberg
Lex Markets Corp., a startup that allows investors to make small bets on commercial real estate, has added two new board members. Alicia Glen, a former deputy mayor of New York, and Marty Edelman, an attorney at Paul Hastings, are joining the company as directors.
CREtech
CREtech (cretech.com), the largest intelligence platform devoted to Reimagining Real Estate, has announced a Joint Venture with Lerner Associates, a specialist M&A firm in the sector. The venture will be focused on advising established real estate tech companies on acquisition and exit strategies, with full engagement and transaction execution.
Bisnow
Digital payments for rent are on the rise as the coronavirus crisis continues, a new study says. Conducted by Zego, an apartment technology firm, it found that credit card usage for processing lease payments was up 30% in April, and new registration on digital payments was 25% higher in April than a month earlier.
Bisnow
As the CEO of Kitchen United, Collins is seeing his three ghost kitchens performing well during the coronavirus pandemic. But he also owns and operates a separate restaurant, which he had to close the dine-in portion of, as part of a state and local order to prevent the spread of the contagious disease COVID-19.
The Real Deal
Roughly one-third of Knotel’s members are looking for a break on rent, the flex office space company disclosed Tuesday. As Knotel grapples with its own financial woes, the figure sheds light on the dilemma facing co-working firms: a sudden loss of income from tenants, including many small businesses, as the coronavirus pandemic keeps people home across the world.
The Real Deal
Compass is one of the richest residential brokerages, fortified with $1.5 billion in venture capital. Now facing an uncertain economic future, the company said it has enough cash to withstand a slump of two or three quarters.
Bisnow
For many people, working at home might only last as long as the government requires it. When they return, it will likely be to a changing office space environment.
PitchBook
Venture capital’s biggest firms are heading into a recession with a slew of newly raised mega-funds, while smaller firms face a slump in fundraising. Lightspeed on Tuesday announced three funds totaling $4.2 billion, following in the footsteps of NEA, Flagship Pioneering and General Catalyst, which all raised new mega-funds since March….
PlaceTech.
Directors of London-listed flexspace software provider essensys have pumped more than £1m into the business they floated last year to increase liquidity and flexibility.
Property Week
Commercial real estate software firm MRI Software has agreed to buy social housing proptech firm Castleton Technology.
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