8 Years Later: Why PropTech still needs MetaProp's Accelerator Program

In 2015 I wrote a blog post announcing the launch of the MetaProp accelerator program.

I argued that in order to foster a good program for an emerging sector like PropTech, we needed to have existing startups already in place that could offer mentorship and guidance to the companies that were newly formed and required acceleration. I also argued that we needed to have customers pull from the real estate industry.

This was a time where this idea was just percolating. Eight years ago, when we took the plunge, it was one of the first and only sector-specific programs of its kind in the world. 

Fast forward and it’s now 2023. The proptech sector is no longer emerging; it has emerged. This marks the ninth program since the MetaProp Accelerator's inception in 2015 and the first since 2021. From thousands of applications, MetaProp has admitted 50 participants who have collectively raised over $200 million in venture funding and achieved numerous exits to major industry players like JLL, Comcast, Realtor.com, and Alarm.com.

"MetaProp can often help set the parameters of a vertical of PropTech altogether, as it’s often the first VC to invest in a particular service area or startup. Its stable of companies that it’s either invested in or partnered with — often both — runs deeply into essentially every aspect of commercial real estate."

Tom Acitelli, Commercial Observer, 2023

As we stand today, we're facing a distinctly different macroeconomic environment than what we experienced back in 2015, and the outlook for the real estate sector is considerably less certain. So why now relaunch our program? Does the PropTech industry still need an early-stage accelerator program? 

We have come so far. We have had dozens of IPOs, strategic exits, and spectacular failures. We have seen the real estate industry hire new divisions dedicated to innovation and working with startups. In fact, many of the companies that I mentioned in my 2015 post no longer exist.

"While the industry has matured quite a bit in NYC from 2012-2015, we believe that the software disruption of real estate is just beginning and will continue to push forward into the next decade as technology changes the entire process of building, leasing, and operating a building from top to bottom."

Zach Aarons, 2015

Floored was acquired by CBRE and the founder, Dave Eisenberg, is now a General Partner at a proptech fund called Zigg Capital. SiteCompli was acquired as well. Its founders started a new company called Synco that MetaProp has since invested capital into the endeavor. Honest Buildings was acquired by now publicly traded behemoth ProCore. The list goes on and on of both successes and failures.

So, why now?

Well, we are in the middle of a 100-year-long supercycle of digitization within the built environment. JD Edwards, arguably the world’s first PropTech software company, launched in 1973, the same year DJ Kool Herc launched the first ever hip hop party at his apartment building in the Bronx at 1520 Sedgwick Avenue. We are now 50 years later and much of the built environment has been digitized, but much work remains to be done. 

New companies will need to be born in order to tackle thorny issues like labor imbalances, crumbling infrastructure, and a slowing economy. The MetaProp accelerator is needed now more than ever and this time we have even more resources and firepower than ever before.

This isn't just a reboot of our accelerator; it's a reaffirmation of our mission. It's an acknowledgment that our work is far from complete. MetaProp is returning to our roots because the fire that fueled us then burns even brighter now. And in many ways, we are just getting started. 

Our sector has matured and so have we, but we are not scared to roll up our sleeves and work with the new crop of young companies that will help push our sector forward.

We are excited to work with our old friends who now have decades of experience in the space and are ready to provide their mentorship, just as they did when we launched this crazy experiment eight years ago.

Embark on this transformative journey with us. Visit our website, learn about our program, apply to join our ranks, or simply reach out to start a conversation. In the realm of PropTech, we're all pioneers, and we'd love for you to be a part of it.