Near the start of the COVID-19 pandemic, Thomvest released a research report on the state of the U.S. housing market. In particular, we were interested in understanding the potential impacts of the pandemic on the real estate sector, the “health” of the pre-pandemic housing market, and the downstream effects of the pandemic on real estate technology companies. In that post, I argued that the housing market was actually quite strong, especially compared to the period immediately preceding the Great Recession. However, the impact of lockdowns and uncertainty around the broader U.S. …


Compass, a technology-enabled real estate brokerage, filed its S-1 in early March with plans to raise about $550 million as part of an initial public offering. The company updated its S-1 last week to include a share price range of $18-$19 (down from $23-$26 in the initial S-1), implying a post-money valuation of about $7.2 billion. Compass plans to trade on the New York Stock Exchange under the ticker “COMP” and the IPO is being underwritten by which is being underwritten by Goldman Sachs, Morgan Stanley and Barclays.

Founded in 2012 by Robert Reffkin and Ori Allon, Compass has rapidly…


Opendoor, the nation’s largest iBuyer, is going public. It is doing so via a merger with Social Capital Hedosophia Corp II (NYSE: IPOB), which is a special purpose acquisition company (SPAC) led by investor Chamath Palihapitiya. Opendoor published an investor presentation as part of its merger announcement in September, and last week the company filed its S-4 (similar to an S-1, but used for companies engaged in a merger process). The transaction values Opendoor at $4.8B (pre-merger value) and the company will receive north of $1B in proceeds ($600M PIPE and $414M via merger with IPOB). …


Today we’re releasing an updated version of our commercial real estate technology market map. The full list of companies is available here, and a high-resolution version of the map can be accessed here. This market map includes more than 220 technology companies operating across every aspect of commercial real estate, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.

Broadly defined, commercial real estate (CRE) includes any property owned to produce income. In total, more than 100 billion square feet…


Lemonade, a technology-enabled renters & homeowners insurance company, filed for a $100M IPO last week. The $100M figure is a placeholder and will likely rise in the actual offering. The company plans to trade on the New York Stock Exchange under the ticker “LMND”.

Founded in 2015 by Daniel Schreiber and Shai Wininger, Lemonade has built a full-stack property and casualty insurance carrier in the U.S., Netherlands, and Germany. The company has scaled quickly since launching in late 2016 — premium volume grew from $9M in 2017, to $47M a year later, to $116M in 2019. …


Today we’re pleased to release an updated version of the real estate technology market map we originally published in 2018. A high-resolution version of the map can be accessed here, and the full list of companies is available here.

This market map includes 180 real estate technology companies operating across every phase of the home purchase value chain. These companies have collectively raised more than $20B in venture capital, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.

You’ll notice…


As we are all too aware, the coronavirus pandemic has taken hold of the global economy. U.S. unemployment claims recently topped 30 million — that equates to roughly one in five American workers. Nearly every sector of the economy has been impacted, and real estate is no exception.

Beyond the short-term physical limitations brought about by COVID-19 (for instance, cancelled open houses), there are also concerns over the long-term effects the pandemic may have on the housing market: new listing volume is down, mortgage credit standards have tightened, and sustained unemployment may impair demand throughout 2020. …


Over the last several years we’ve witnessed a surge in startup formation and venture funding across nearly every aspect of real estate. In 2018, VCs funneled $3.6B into real estate technology companies, and 2019 has shown no signs of a slow down — more than $5B has been invested through the first three quarters of the year.

To help wrap our heads around the growing universe of startups in the sector, we created two market maps last year highlighting the technology companies operating across residential and commercial real estate. …


We recently published a real estate market map, which includes hundreds of technology companies that are transforming how residential real estate is bought and sold. Today, we’re following that post up with a new market map focused on commercial real estate (the map is available in PDF format here).

Broadly defined, commercial real estate (CRE) includes any property owned to produce income. In total, more than 100 billion square feet of space in the United States is devoted to commercial use. Because commercial property is acquired for investment purposes, it differs from its residential counterpart in several important ways:

  • Commercial…

Note: An updated market map was published in May 2020.

Residential real estate has proven to be a strong driver of economic growth and individual wealth, representing more than 15% of our nation’s GDP. The combined value of housing in the United States reached a record-high $31.8 trillion in 2017, according to Zillow.

Yet until recently, venture capitalists rarely invested in the sector. In 2010, investment in real estate technology companies made up less than 1 percent of total venture capital (only about $30 million). By 2017, however, activity in the category skyrocketed — VCs invested more than $5.7 …

Nima Wedlake

Investor at Thomvest Ventures

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