Real estate tech investment dropped in the third quarter as investors slowed their PropTech spending spree after pouring $1.37B in seed capital and Series A funding into the market in the first half of the year.
CRE tech investment fell 56% year-to-year, representing a loss in venture funding of $372M, RETech reports. Many investors shifted their focus during the third quarter to managing and extending the profits made in the first half of 2017, causing a pullback in seed and early stage funding rounds.
Still, already this year commercial property tech startups have received an estimated $2.3B in venture capital through 144 deals. Blackstone Group, the largest real estate investor in the world, is among the companies that have continued to keep technology top of mind when making investments, Yahoo Finance reports.
“When we think about deploying capital, technology is the lead theme that’s impacting our thought process today,” Blackstone Head of Real Estate Jon Gray said in an interview with Yahoo Finance. “So, for us, we’re trying to anticipate where this technology is moving to and then deploy capital against it.”
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