Second Century Ventures (SCV), the venture capital arm of the National Association of Realtors (NAR) is bringing its tech accelerator program to the United Kingdom. The program is aimed at helping tech startups branch into the real estate world.
Bob Goldberg | Photo credit: National Association of Realtors
It’s the fourth market for Reach, which launched in the United States in 2012 and previously expanded to Canada earlier this year, and Australia in June 2019.
“It speaks to the overwhelming success and efficacy of Reach’s international ambitions that we are able to name the UK our third region of expansion in less than one year,” NAR CEO Bob Goldberg said in a statement. “With shared eagerness between U.S. and U.K. industries to support and advance real estate, we look forward to amplifying Reach’s global impact as we extend the program to a new continent and a new network of innovators.”
In the U.K., NAR will work alongside NAEA Propertymark, which is the U.K.’s largest trade association for professionals that work in property services. The Reach U.K. team will be located in London and be led by Valentina Shegoyan, a 15-year real estate, technology and financial veteran.
“Real estate professionals and proptech entrepreneurs play critical roles in driving innovation in real estate,” Shegoyan said in a statement. “I look forward to strengthening the connection between those creating new technology and those eager to apply it in their businesses while further enhancing Reach’s global network of innovators and real estate professionals.”
SCV does not promise funding for any of the companies it incubates through the program, but the for-profit subsidy of NAR has, in the past, invested in startups including DocuSign, Planwise, Propy and Updater.
In the past, startups that enrolled with Reach paid a marketing fee of $25,000 to Second Century Ventures and handed over equity stakes ranging from 2 to 5 percent. NAR hasn’t disclosed the cost of enrollment for more recent residential classes.
