Moderne Ventures founder Constance Freedman (Moderne, iStock)
Early-stage VC firm Moderne Ventures has raised $200 million for a fund that counts proptech among its target industries. The firm easily surpassed its $125 million fundraising goal.
Investors in Moderne Ventures Fund II included Realogy, Greystar Real Estate Partners, Oaktree Capital-managed funds and major multifamily REITs AvalonBay Communities and Camden Property Trust. The REIT JBG Smith also contributed.
The firm said the fund will invest in tech companies that are “reshaping real estate, home services and other industries,” including some proptech enterprises.
This is the Chicago-based company’s second fund targeting similar industries. The first one, 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 multifamily construction management platform Tailorbird and mobility data company Unacast.
Proptech fundraising had a strong start to 2021, with $10.6 billion invested into real estate tech firms through July 21, according to Crunchbase. Among those, property management and construction tech startups were a particular focus.
Modern Ventures, which launched in 2015, is led by founder Constance Freedman and partner Liza Benson. Its 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.
