What are the current funding trends in PropTech?

All funding deals in the Prop Tech market over the last years

Below is the table listing all the deals. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Prop Tech Market.

PropTech Funding in 2026: Fewer Deals, Much Bigger Rounds

Is PropTech funding actually down right now?

PropTech funding is down on the headline number in 2026, but the market underneath that number looks much stronger than the drop suggests.

Funding reached $1.142 billion YTD, 7.8% below the comparable 2025 period. The bigger change is happening in deal count: we found 81 financings this year versus 103 last year, a 21.4% drop. The number of transactions has fallen almost three times faster than the amount of money invested.

The comparison with 2024 makes the change easier to see. PropTech has attracted 19% fewer deals than two years ago, yet those deals have raised 13.9% more capital. Typical rounds have moved sharply higher at the same time, with the median rising from $3 million in 2024 and $3.42 million last year to $6.75 million currently.

So the market looks weaker if we count funding events, while the companies that do raise are getting considerably more money. That distinction explains most of what is unusual about PropTech funding this year.

Metric	2026 YTD	2025 YTD	2024 YTD	2026 vs 2025
Deals	81	103	100	-21.4%
Unique funded companies	80	103	100	-22.3%
Total capital	$1.142B	$1.239B	$1.002B	-7.8%
Capital excluding >$50M rounds	$754M	$694M	$613M	+8.7%
Median round	$6.75M	$3.42M	$3.00M	+97.4%
Average round	$14.64M	$12.03M	$10.13M	+21.7%
Largest round	$170M	$200M	$130M	-15.0%
First-financing share	33.3%	30.1%	31.0%	+3.2 pp

Are fewer PropTech startups getting funded in 2026?

Yes. PropTech has become much harder to get funded in this year, even though plenty of capital is still available once investors decide to back a company.

We found 80 unique funded companies so far, down from 103 over the same period last year and 100 two years ago. The near-perfect match between company count and deal count is useful here: one company completed multiple rounds in the 2026 sample, so repeat financings are not artificially depressing the number of businesses being backed.

A drop from 103 to 80 companies is substantial. Roughly one in five funded companies that would have appeared at last year's pace has disappeared from the market.

Lead-investor activity has narrowed too. Among transactions where a lead or co-lead was publicly disclosed, we counted 70 unique lead investors this year, compared with 85 last year and 97 in 2024. Disclosure is incomplete, so we would not treat those figures as a full census of active VCs. Still, the direction fits what we see in the company data: the funding market currently has less breadth.

For founders, that is probably the most important change. The available capital pool has held up reasonably well, but fewer companies are getting access to it.

Are bigger PropTech rounds hiding the slowdown?

Very clearly. PropTech round sizes have jumped enough to offset much of the collapse in deal volume.

The median round is now $6.75 million, almost twice the $3.42 million median from the comparable 2025 period. The average has also increased, from $12.03 million to $14.64 million, although we put more weight on the median because it is less sensitive to giant transactions.

The distribution of deals has shifted in the same direction. Last year, 58.3% of financings were below $5 million. That share is now only 43.2%. Meanwhile, the $20 million to $50 million bracket has grown from 8.7% to 17.3% of all deals.

That upper-middle part of the market is especially interesting because it contains 14 financings this year, compared with nine in 2025, even though total deal activity has fallen sharply.

The change goes deeper than a handful of companies raising spectacular rounds. A much larger portion of the companies that get through the funding process are now raising institutional-sized checks.

Would PropTech funding still look healthy without the biggest deals?

Surprisingly, yes. Once we remove the largest PropTech rounds, the 2026 funding picture actually improves.

Headline capital is 7.8% below last year, but excluding every financing above $50 million leaves $754 million invested, versus $694 million in 2025. That is an 8.7% increase.

The concentration figures point the same way. The largest deal represents 14.9% of 2026 capital, compared with 16.1% last year. The top three account for 28.7%, slightly below 2025, and the top five represent 38.1%, also lower than last year.

Property Finder's $170 million investment is obviously large. Dwelly's $95 million equity component and Orbital's $60 million Series B matter too. Yet 2026 has only four rounds above $50 million, versus six during the comparable 2025 period.

The unusual feature of this market is the strength below the megaround layer. Removing the largest checks turns a modest headline decline into growth.

Outlier test	2026 YTD	2025 YTD	2024 YTD
Total capital	$1.142B	$1.239B	$1.002B
Capital excluding >$50M	$754M	$694M	$613M
Capital excluding >$100M	$972M	$1.039B	$762M
Largest deal share	14.9%	16.1%	13.0%
Top 3 deal share	28.7%	29.1%	31.4%
Top 5 deal share	38.1%	39.8%	42.2%
Deals above $50M	4	6	4
Deals above $100M	1	1	2

Where is the money moving inside PropTech right now?

PropTech money is moving decisively toward $20 million to $50 million rounds, while the smallest financing bucket is shrinking fast.

We counted 14 deals between $20 million and $50 million this year, up from nine in the comparable 2025 period and ten in 2024. Those 14 rounds absorb 37.7% of all capital, making this the largest funding bracket in dollar terms.

At the other end, transactions below $5 million have fallen from 60 last year to 35 today. Their share of the market dropped by more than 15 percentage points.

The middle has held up better. We found 25 rounds between $5 million and $20 million, compared with 28 last year. A small decline there looks almost resilient next to the much steeper fall in sub-$5 million funding.

Describing 2026 simply as a weaker PropTech funding year misses what investors are doing. The financing ladder has moved upward: fewer small checks, a relatively stable middle, and far more activity in the $20 million to $50 million range.

Round size	2026 deals	2026 deal share	2026 capital share	2025 deal share
<$5M	35	43.2%	6.6%	58.3%
$5M–<$20M	25	30.9%	21.8%	27.2%
$20M–<$50M	14	17.3%	37.7%	8.7%
$50M–<$100M	3	3.7%	19.1%	4.9%
$100M+	1	1.2%	14.9%	1.0%
All rounds with usable amounts	78	96.3% of deals	100%	100%
Median round	—	$6.75M	—	$3.42M

Which parts of PropTech are investors chasing now?

Real Estate Brokerage Software and Real Estate Data Tools are taking a much bigger piece of PropTech funding today, and both categories are gaining in deal count as well as dollars.

Brokerage Software represents 24.7% of 2026 deals and 30.6% of capital. The progression is unusually consistent: its deal share moved from 22.0% in 2024 to 23.3% last year and 24.7% now. Capital share rose much faster, from 9.9% to 22.9% and then 30.6%.

Data Tools have followed a similar path. Deal share increased from 18.0% two years ago to 22.3% last year and 24.7% today. Capital share has made the more dramatic jump, reaching 24.7% after sitting at only 11.5% in 2025.

Together, those two categories account for 40 of the 81 financings we identified and $631.4 million of capital. That gives them 55.3% of all PropTech dollars this year, versus 34.5% over the comparable period last year.

Crucially, both moves have depth. We are looking at 20 financings in each category rather than one huge transaction creating the impression of a trend.

PropTech category	2026 deals	Deal share	Capital	Capital share
Real Estate Brokerage Software	20	24.7%	$349.6M	30.6%
Real Estate Data Tools	20	24.7%	$281.8M	24.7%
Property Management Systems	10	12.3%	$222.5M	19.5%
Building Operations Systems	10	12.3%	$119.7M	10.5%
Property Operations Software	12	14.8%	$91.8M	8.0%
Leasing Technology	9	11.1%	$76.9M	6.7%
Brokerage + Data combined	40	49.4%	$631.4M	55.3%

Why are AI and real-estate data getting so much funding?

AI is pulling more PropTech money toward companies that own useful real-estate data and automate expensive, repetitive workflows, and recent product activity suggests that this shift is still moving forward.

Orbital gives us a good example. The company raised a $60 million Series B to automate real-estate legal work with AI, mapping and property data. By the end of 2025, Orbital said its platform had supported 200,000 real-estate transactions and processed 100 billion tokens. More recently, the company has been writing publicly about agentic systems carrying out parts of real-estate legal due diligence rather than merely summarizing documents.

Cubby is approaching the same opportunity from self-storage. Goldman Sachs Alternatives led its $63 million Series A, and the company has continued shipping AI-oriented operating tools this year. Its latest product work covers areas such as collections, tenant communications, payments, facility reporting and operating workflows. This is exactly the type of vertical software where proprietary operational data can make AI useful very quickly.

The demand side has caught up with the technology. JLL's latest global real-estate technology research found that 88% of investors, owners and landlords had already begun piloting AI, with most testing several use cases at once. JLL also found that 87% had increased real-estate technology budgets because of AI.

There is still plenty of friction. Deloitte's current commercial real-estate outlook, based on more than 850 senior executives, found that 27% were running into implementation problems including technical issues, skills gaps and resistance to change. Deloitte also found growing interest in targeted applications such as tenant management, lease drafting and portfolio management.

Investors now have much more evidence that real-estate companies want AI, but generic experimentation is not enough. The money is gravitating toward businesses with proprietary data, narrow workflows and products that can already do useful work.

Dwelly pushes the idea further. Its latest $170 million financing package included $95 million in equity and a $75 million debt facility, with the capital being used for both AI development and the acquisition of letting agencies. The company says its AI handles tenant and landlord communications, maintenance coordination, payments and other operational tasks across more than 15,000 properties. PropTech funding can now finance technology and the traditional service businesses that technology is reshaping at the same time.

Is Building Operations losing investor attention?

Yes. Building Operations has been steadily losing ground in PropTech funding, and the decline now runs across three comparable periods.

Building Operations Systems represented 22.0% of deals in 2024, then 15.5% in 2025 and 12.3% currently. That steady sequence is more convincing than a one-year drop.

Capital has weakened too. The category took 20.1% of PropTech investment last year but only 10.5% this year.

Property Operations Software shows a slightly different problem. Its share of deals has barely changed, moving from 15.5% to 14.8%, while its share of capital has fallen from 16.2% to 8.0%. Companies are still getting funded, but investors are putting far fewer dollars behind them relative to the rest of the market.

That rotation gives the rise of Brokerage Software and Data Tools more meaning. Investor attention is being reallocated between categories rather than every part of PropTech becoming more heavily funded at once.

Are Series A PropTech startups raising crazy amounts now?

Series A rounds have become unusually large in PropTech this year, even as fewer Series A companies are getting funded.

We counted 13 Series A deals versus 17 last year. Yet those 13 rounds raised roughly $285 million, more than the larger 2025 cohort, which raised about $225 million.

The median Series A has jumped from $6.5 million to $15 million. That is a huge move for a stage that usually sits much closer to the early part of the venture market.

Series A now represents only 16% of deals but 25% of PropTech capital. Series B shows similar capital intensity, with seven financings accounting for 22.2% of total funding.

Seed remains much more active by count. We found 40 Seed rounds, almost half of all transactions, but they account for only 13.6% of capital.

Investors are currently writing much bigger checks once a company reaches the point where they are comfortable underwriting a serious institutional round.

Is PropTech becoming a late-stage market?

PropTech is getting a little more mature, but early-stage companies still make up most of the funding market today.

The raw dataset puts 65.4% of transactions in early stages and 18.5% in later stages, with the remainder largely coming from deals where the stage could not be established reliably.

Because the Unknown share changes from year to year, we also compared only transactions with a known stage. On that basis, later-stage deals represented 17.8% in 2024, 20.0% last year and 22.1% now.

There is a gradual shift there, but nothing resembling a sudden move toward growth-stage funding.

Seed still accounts for 40 deals, and Series A another 13. The more interesting change is happening inside those stages, especially the sharp rise in Series A check sizes.

Stage	2026 deals	Deal share	Capital	Capital share
Seed	40	49.4%	$155.8M	13.6%
Series A	13	16.0%	$285.2M	25.0%
Series B	7	8.6%	$253.4M	22.2%
Series C	3	3.7%	$94.0M	8.2%
Series D+	1	1.2%	$36.0M	3.2%
Growth Equity	4	4.9%	$222.0M	19.4%
Unknown	13	16.0%	$95.9M	8.4%

Can brand-new PropTech startups still raise money?

Yes. New PropTech companies are still breaking into the funding market, and first financings are actually holding up better than overall deal activity.

We identified 27 first financings this year compared with 31 over the same period in 2025. That is a 12.9% decline, much smaller than the fall in the overall number of deals.

Their share of transactions has consequently increased from 30.1% to 33.3%. The median first financing has also risen from $2.30 million to $2.75 million.

The real divide appears once we look at dollars. First financings account for about $137 million, while follow-on rounds account for roughly $1.005 billion. Existing funded companies are taking close to 88% of all capital.

Our first-financing classification comes from public financing-history research rather than a claim that every private financing in a company's history can be reconstructed perfectly. Even with that caveat, the pattern is quite clear: new startups can still get through the door, while the big money is going to companies that investors already know.

Are PropTech investors doubling down on proven companies?

Yes. PropTech investors currently reserve most of their largest checks for companies that have already raised before.

Follow-ons account for 53 transactions, around two-thirds of the market, yet they absorb roughly seven out of every eight dollars invested. Their median financing has climbed from $5 million last year to $11 million now.

Company age adds some texture. The median funded company is only three years old this year, down from four in both prior comparable periods. Brokerage Software companies are particularly young, with a median age of two years.

Growth Equity sits at the opposite end. Companies receiving those financings have a median age of 16 years in 2026, compared with seven last year.

There is room for genuinely young companies in today's PropTech market, but investors are willing to put far more capital behind businesses that have already passed several financing and operating milestones.

Is Europe really taking more of the PropTech market?

Yes. Europe is currently the clearest geographic growth story in PropTech because its deal count has risen even while the global market has contracted.

We counted 33 European financings this year versus 29 last year. That might look like a modest increase in isolation, but it happened while the overall market lost 22 deals.

Europe's share of global transactions has consequently jumped from 28.2% to 40.7%. Its capital share rose even more sharply, from 11.3% to 35.9%.

North America still receives more dollars, about $496 million versus Europe's $411 million, and its median round is much larger at $10 million compared with roughly $3.4 million in Europe.

But deal breadth has clearly shifted. North America fell to 32 transactions, while Europe reached 33. Among the major geographies we track, Europe is the one where the increase currently extends across many companies rather than depending on a single exceptional financing.

Is the Middle East becoming a serious PropTech funding hub?

The Middle East is attracting serious PropTech capital now, but Property Finder still explains most of this year's jump.

Seven Middle Eastern deals raised approximately $199 million, giving the region 17.4% of all capital in our dataset. Property Finder's $170 million investment accounts for roughly 86% of that amount.

There is plenty happening underneath that transaction. Dubai Land Department reported that real-estate transaction value reached AED252 billion in the first quarter of 2026, up 31% year over year, while transaction volume increased 6%. The authority separately reported that broker-executed transactions grew 54% in 2025 and brokerage commissions increased 31%.

Property Finder itself has been investing heavily in the technology behind that market. The company has published work on AI-driven home valuations, property data, agent ranking and agency productivity, while its late-2025 research found that active agents had been growing rapidly alongside listing volumes and marketing spend.

Those developments make the region interesting well beyond one fundraising announcement. Still, the funding conclusion should stay narrower: today's capital share is heavily inflated by Property Finder, whereas Europe's expansion is much broader across individual deals.

Are corporate investors piling into PropTech now?

No. Strategic investors are showing up in fewer PropTech deals today, although the financings they join have become larger.

We identified strategic participation in 13 deals, or 16.0% of this year's transactions. The comparable shares were 18.4% last year and 21.0% in 2024.

The median strategically backed round has moved the other way, rising to $11 million from $5 million last year.

The categories attracting those investors have changed as well. Real Estate Data Tools produced five strategic deals this year, compared with one in 2025. Building Operations fell from eight to two.

Corporate and industry investors therefore look more selective rather than more active overall. Their participation is increasingly concentrated in the same data-heavy areas that have been gaining capital across the wider market.

What is actually changing in PropTech funding?

The biggest change in PropTech funding is that investors are making far fewer bets while putting much more money behind the companies they do choose.

As seen above, deal activity is down 21.4% from the comparable 2025 period, while total capital has fallen only 7.8%. That gap tells us more about the market than the headline funding number alone.

Round sizes are the second major change. The median has almost doubled, and the expansion is particularly visible in $20 million to $50 million financings and unusually large Series A rounds. Even after removing every deal above $50 million, invested capital is higher than last year.

Investor attention has also moved. Brokerage Software and Real Estate Data Tools now absorb more than half of all funding, while Building Operations has lost deal share for a third consecutive comparable period. Recent activity at Orbital, Cubby, Property Finder and Dwelly fits that shift toward vertical AI, proprietary data and software tied directly to real-estate workflows.

New entrants are holding up better than the overall market, so we would not describe this as a closed club of established winners. The stronger divide is in capital allocation: first financings still happen regularly, while follow-on companies capture the overwhelming majority of dollars.

Geography is changing too. Europe has expanded across many separate financings, which makes its rise convincing. Middle Eastern capital has increased sharply as well, although one Property Finder transaction still explains most of that jump.

For now, PropTech is a more selective and much more capital-intensive market. Fewer companies are raising, the winners are raising bigger rounds, and money is moving toward businesses that combine software, proprietary real-estate data and increasingly practical AI.