It boils down to this: the companies that are winning are raising table stakes with real innovation. Taronga has also been working on solutions to provide last-mile logistics in retail malls as well as digital market places that will look to improve revenues and returns from retail–especially suburban or sub-regional malls.Īccording to Berman, “the winners are and will continue to be the companies that reduce friction around transactional elements in the real estate industry. ![]() Hannam focused on five key themes in 2019: better, safer construction, customer experience, operational excellence, automated processes and digital market places. ![]() Tech-enabled amenities and digital management tools to make the owner’s operations more efficient were also winners, as well as furniture-as-a-service offerings such as Fernish. Helm has seen a strong focus by rental property owners on smart home automation solutions to keep up with residents’ tech-enabled lifestyles, with a focus on connectivity and IoT. In no particular order, these were software-as-a-service companies according to Aarons, who made the example of Buildium, which was acquired by RealPage for $580 million facial recognition and artificial intelligence according to Butt, who saw them being harnessed more effectively in PropTech and flexible real estate according to Wescoatt, who believes the market has been forever changed with landlords now aware that they need to care about the end user. There was a vast array of “winners” in 2019. What tech and what sectors won in 2019? Which lost? The feeling is shared by Wescoatt, who is “excited about the uprounds in our portfolio and the tremendous transformation our partner JLL has made.” Hannam is excited that in a short space of time he is already seeing a revaluation in Taronga’s investments. There is active feedback from end-users like corporates and investors which has allowed products to mature.”īutt feels that for Pi Labs, 2019 was about change, evolution and maturing. Looking back on the year, Nangpal said: “I was expecting more rationalization in the use cases that tech startups would chase and I think that that has happened as expected. This is caveated with reservations around valuations in some cases by both Helm and Berman, with the latter stating that “a pleasant by-product of the whole WeWork imbroglio is it highlighted the importance of fidelity to our investment strategy.” Helm noted that “later-stage proptech company valuations are generally high right now, as they are across the board, but things are calming down after this summer’s excitement with WeWork.” Unsurprisingly, all the VCs agreed that 2019 was a great year for proptech, both from the perspective of investment growth and that of increasing maturity in the space. Was the year in line with your expectations? Sustainability was also a strong theme in 2019, with Wescoatt and Butt noting that the drive for companies to hit net-zero emissions by 2050 is propelling PropTech to help find solutions to reduce the built environment’s carbon footprint. Helm pointed out a strong uptick in what is known as “rent tech” with large multi-family and single-family rental owners rapidly adopting solutions that not only improve resident experience to differentiate themselves in an ultra-competitive environment but also streamline operations. Nangpal and Helm concur. Beyond adoption of proptech by occupiers, Nangpal can now see a strong interest in this from investors and landlords, with owners happy to set up test environments to try out new things.
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