Investment in proptech has exploded over the past five years. In 2013, some 128 proptech finance deals were struck and $519m of capital was pumped into real estate technology companies, according to CBInsights research. Just one year later, this had more than doubled to $1.23bn – a 72.8% rise.
When Blackstone invested $3.3m into commercial real estate asset management and leasing platform VTS in January 2015, it was widely accepted as a watershed moment. This deal marked the beginning of institutional investor interest in real estate technology and, soon after, specialist venture capital funds such as