A Canadian arm of the REACH real estate technology accelerator is now accepting applications for its inaugural program. The program was created by Second Century Ventures, the strategic investment arm of the National Association of Realtors (NAR).
REACH offers “education, mentorship and exposure for technology companies aiming to launch into the real estate industry, accelerate their businesses and expand into adjacent markets such as insurance, mortgage and financial services,” it says in a news release. “REACH provides a unique opportunity for technology companies to earn sizable exposure within a $1-trillion industry made up of more than 100,000 small- and medium-sized businesses and generating over $12.5 billion in annual advertising spend in the U.S. alone. As part of REACH’s recent global expansion, REACH Canada will offer a select group of entrepreneurs access to a worldwide network of peers, mentors and investors in conjunction with its sister programs in the U.S., Australia and the U.K,” it says.
“This past year has highlighted how organizations of every size will need to innovate, evolve and adapt in order to succeed in the markets of the future. We’ve also been reminded of how small our world can be, and how critical global partnerships are in our search for solutions to the problems we face every day,” said Bob Goldberg, CEO of NAR and president of Second Century Ventures. “We are excited to officially open applications for REACH Canada, the second REACH program opened outside the United States, and we have immense faith in the REACH Canada team’s ability to source the top proptech innovators who will propel real estate in North America and beyond.”
REACH has attracted technology startups developing solutions for multiple aspects of the real estate industry, including marketing automation, pay at close renovation, agent safety, leasing, lending, transaction management and tokenization, it says.
REACH companies have in aggregate raised more than $350 million of follow-on financing and have secured key partnerships with DocuSign, Google, Facebook, Coldwell Banker, Re/Max and Berkshire Hathaway HomeServices. Graduating REACH companies have also seen revenue, customer and/or user growth rates increase between 50 and 2,000 per cent, says REACH.
“The COVID era is accelerating the adoption of technology in real estate along with many trends that had already been evolving, as consumers demand further innovation to support their ability to transact real estate in a post-COVID world. Building on the expertise and proven track record of the REACH program in the U.S. and now Australia, REACH portfolio companies have an unprecedented opportunity to accelerate their growth and capitalize on the rapid revolution of the global proptech landscape, in close conjunction with the Realtor community,” says Lynette Keyowski, REACH Canada managing partner.
The accelerator says participants in the program receive numerous benefits, including:
- Mentorship from more than 350 real estate and technology thought leaders and executives from major real estate brokerages and brands, technology companies and venture capitalists. On average, accelerator participants meet with more than 50 of these advisors in one-on-one sessions throughout the program.
- Education on how to navigate the trillion-dollar real estate industry with the backing of the largest trade association in the U.S. and its $5 billion brand.
- Exclusive access to more than a dozen of the real estate industry’s top conferences, tradeshows and networking events.
- A global network of talented, like-minded entrepreneurs, including more than 100 REACH alumni companies and curated program sponsors.
Applications for REACH Canada will be accepted through July 31, 2020 at www.narreach.ca. The eight-month virtual and event-based program will kick off in October and run through May 2021.