The National Association of Realtors (NAR) has chosen 14 startups for the 2023 class of REACH, its tech accelerator program, according to an announcement on Tuesday. The program is run by Secondary Century Ventures, the strategic investment arm of NAR.
Of the 14 companies, seven are focused on the residential sector. The other seven are commercially focused and part of REACH Commercial. Founded in 2013 by SCV, this is the 11th cohort of residential startups to take part in REACH.
The residential program is led by director Ashley Stinton, and by taking part in it, cohort members can receive education, mentorships, exclusive networking opportunities and significant exposure to the global real estate marketplace. In exchange for these services, cohort members pay SCV a marketing fee and hand over small equity stakes in their companies.
“We are thrilled to welcome these innovative companies to the 2023 REACH and REACH Commercial programs,” Bob Goldberg, the CEO of NAR and president of SCV, said in a statement. “Their solutions are poised to make a significant impact and help overcome the complex challenges that lie ahead in the real estate industry.”
Dave Garland, the managing partner of SCV, added: “These 14 companies represent some of the most promising and innovative solutions in the real estate technology space. By supporting and investing in innovative small businesses through the REACH program, we can ensure that realtors have access to the latest and most effective tools and technologies, enabling them to better serve their clients and stay ahead in an ever-evolving industry.”
The seven companies in the residential cohort include: Flock, a 721 Exchange rental property exit platform that allows landlords to passively earn income and appreciation without the traditional responsibilities of ownership; HighNotel, a presentation and proposal platform for agents; Plus Platform, a management and trading platform for residential mortgages; Presidio, a digital vault and information sharing platform; Real Grader, a platform that measures, manages and maximizes the digital reputation of real estate professionals; Summer, a platform for vacation rental property purchasing and management; and Tongo, a card-based product for agents to draw against pending commissions ahead of closing, and only repay when they get paid.
The 2023 REACH Commercial cohort includes: APM Help, Blue Streak IoT, Dwellwell Analytics, Fortress PropTech, Fyma, Rockport, and Work & Mother.
“From hundreds of applicants, the companies selected for the 2023 REACH Commercial program are already well on their way to becoming market leaders,” Bob Gillespie, the executive director of REACH Commercial, said in a statement. “They bring solutions that fundamentally change commercial real estate operations, finance and brokerage, as well as how we manage, experience and understand the properties in which we live and work. We have an outstanding 2023 cohort and look forward to helping them achieve exponential growth.”
According to the press statement, the 14 companies have collectively raised more than $100 million in funding and employ more than 400 people worldwide.