Modern Ventures wins $ 200 million funding round
The modern Ventures capital company contributed $ 200 million in a second oversubscribed fund, the company announced Tuesday. The new capital is four times the amount of the company’s first institutional fund and brings the company’s total assets under management to around $ 350 million.
Contributions were made by a number of the company’s strategic partners, including AvalonBay Communities, Camden Property Trust, Greystar, JBG Smith, Leading Real Estate Companies of the World, Oaktree Capital Management and Realogy.
The funds will help real estate, finance, insurance and home service startups launch and establish their businesses in these sectors.
Moderne was launched in 2015 by founder and managing partner Constance Freedman. Today it is run by Freedman and his partner Liza Benson. The company is known for its vertical approach to venture capital investing, helping new companies in the real estate / tech / finance industries expand their presence in the market.
Over the past year, Moderne has invested in five unicorns, three IPOs (plus two companies with pending IPOs), and numerous accretive fundraising events. Some of its best-known investments include ICON, Porch, Better Mortgage, Homesnap, and Easyknock.
“Amid a dynamic and evolving housing market, Realogy is focused on providing flexible, transparent and intelligent solutions for our affiliated agents, franchisees and clients,” said Simon Chen, Executive Vice President of Realogy Product and Innovation, in a press release. “Partnering with the best minds in real estate keeps us at the forefront of the industry and Modern’s unique fund strategy showcases the best of venture capital, emerging technologies and innovation. “
The Passeport Moderne program, an industry immersion program implemented in tandem with the Company Fund, connects startups with hundreds of industry leaders and partner companies within its network.
“We spend our time with industry partner companies to understand the gaps, opportunities and challenges they face and seek out technologies that can provide solutions to address them,” Freedman said in a statement. “The Modern Passport Fund and Program often attract companies outside the industry and create opportunities for start-up technologies ranging from SaaS companies to AI platforms and robotics to enter and help our markets. transform.
Email Lillian Dickerson