Modern Ventures venture capital firm launches $ 200 million fund
Early stage venture capital firm Moderne Ventures has raised $ 200 million for a fund that counts proptech as one of its target industries. The company easily surpassed its $ 125 million fundraising goal.
Investors in Moderne Ventures Fund II included Realogy, Greystar Real Estate Partners, funds managed by Oaktree Capital, and leading multi-family REITs AvalonBay Communities and Camden Property Trust. JBG Smith REIT also contributed.
The company said the fund would invest in technology companies that are “reshaping real estate, home services and other industries,” including some proptech companies.
This is the Chicago-based company’s second fund targeting similar industries. The first, Moderne Ventures Fund I, raised $ 43 million, the company said. Moderne said it now has $ 350 million in assets under management.
Moderne Ventures Fund II has already made six commitments, including investments in the multi-family construction management platform Tailorbird and the mobility data company Unacast.
The Proptech fundraiser got off to a good start in 2021, with $ 10.6 billion invested in real estate tech companies until July 21, according to Crunchbase. Of these, property management and construction technology startups were particularly targeted.
Modern Ventures, launched in 2015, is led by founder Constance Freedman and her partner Liza Benson. His previous investments include home services startup Porch – which went public in December – Better Mortgage and real estate search portal Homesnap, which was acquired by Costar last year.