Early stage capital firm Moderne Ventures has brought in $200 million in an oversubscribed second fund, the company announced on Tuesday. The new capital achieved four times the amount of the firm’s first institutional fund, and brings the company’s total assets under management to roughly $350 million.
Contributions were made by a number of the firm’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 assist real estate, finance, insurance and home services startups in launching and establishing their companies within those industries.
Moderne was launched in 2015 by Founder and Managing Partner Constance Freedman. Today it’s run by Freedman and Partner Liza Benson. The company is known for its vertical approach to venture investing, helping new companies within the real estate/tech/finance industries expand their market footprints.
In the last year, Moderne has invested in five unicorns, three IPOs (plus two companies with pending IPOs) and numerous accretive financing events. Some of its more well-known investments have included ICON, Porch, Better Mortgage, Homesnap and Easyknock.
Simon Chen
“Amidst a dynamic and changing housing market, Realogy is focused on delivering flexible, seamless and smart solutions for our affiliated agents, franchise owners and customers,” Simon Chen, executive vide president of Realogy Product and Innovation, said in a statement. “Partnering with the best minds in real estate enables us to stay at the forefront of the industry and Modern’s unique fund strategy showcases the very best of venture capital, emerging technology and innovation.”
The Moderne Passport program, an industry immersion program operated in tandem with the firm’s Fund, helps connect startups with hundreds of industry executives and corporate partners within its network.
Constance Freedman
“We spend our time with corporate industry partners to understand the gaps, opportunities and challenges they are facing and look for technologies that can provide solutions to fill them,” Freedman said in a statement. “The Fund and the Moderne Passport Program often brings companies from outside the industry into it and creates opportunities for startup technologies ranging from enterprise SaaS companies to AI platforms and robotics to enter our markets and help transform them.”