“Wellness” startup and short-term rental management service are among the first commercial class of NAR’s tech accelerator, it was announced Thursday.
The National Association of Realtors’ venture capital arm, Second Century Ventures, has thrown its weight behind a “wellness” and amenity-management company, short-term rental firm, adaptable furniture provider and three other commercial real estate startups.
The companies make up the six members of the inaugural commercial class of Second Century Ventures’ tech accelerator program, REACH. Announced by NAR on Thursday, the startups offer innovative products and services in “multifamily housing, vacation rental, lending, listing, smart office planning and transaction management,” the trade group said in a press release.
Their enrollment marks the expansion of NAR’s existing residential accelerator, REACH, which has worked with 48 startups since launching in 2013.
The inaugural commercial class members are:
- Twofold, a provider of ergonomic and adaptable furniture that can enhance the flexibility and utilization of space
- Biproxi, a transaction platform designed to serve commercial real estate brokers, buyers, sellers and tenants.
- Lulafit, an amenity-management firm that provides on-demand wellness and fitness services
- Trove, a short-term rental management service designed to help landlords maximize revenue
- Coeo, a listing service for office, industrial, meeting and flex spaces
- SRE Simple, a commercial real estate lending platform
REACH Commercial will provide class members with mentorship, education, networking opportunities and access to a panel of more than 50,000 industry professionals who can provide feedback.
The startups “have demonstrated solid business models, executable business plans and significant potential to influence our nation’s economy,” according to NAR.
“REACH Commercial will leverage an exceptional network of real estate industry professionals, strategic partners, investors and mentors to increase the depth of the commercial real estate field and further advance our mission to keep Realtors at the forefront of the industry,” said NAR CEO and Second Century Ventures President Bob Goldberg in a statement.
REACH Commercial further builds on a more-than-decade-long effort by NAR to help shape the development of new technologies and services that impact the real estate sector.
Launched by NAR in 2008, Second Century Ventures has purchased stakes in tech companies including DocuSign, SmartZip, BombBomb and Updater. In 2013, it launched REACH to help incubate startups. Now it’s expanded the program into the commercial sector.
Startups that enrolled in REACH’s 2015 class paid to Second Century Ventures a marketing fee of $25,000 and handed over equity stakes ranging from 2 to 5 percent. NAR hasn’t disclosed the cost of enrollment for more recent residential classes. It also wouldn’t disclose the cost of enrollment for its new commercial program.
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