What are the fundraising trends in the Prop Tech market?
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The PropTech market raised over $5.5 billion across 157 equity deals between 2022 and 2025, growing from $533 million to nearly $2.5 billion in just three years.
2025 was the strongest year on record, driven by massive rounds from Property Finder, EliseAI, and Bilt Rewards, while AI became the default ingredient in almost every funded company.
The funding landscape shifted from transaction-heavy platforms in 2022 toward property management software, short-term rental tools, and building sustainability solutions in later years.
And if you want to better understand this new industry, you can download our pitch covering the PropTech market.
Insights
- Just three PropTech startups (Property Finder, EliseAI, Bilt Rewards) raised $1.03 billion in 2025, which is nearly double the entire PropTech funding total from 2022.
- Short-term rental management software attracted $764 million across 2022 to 2025, despite zero recorded deals in 2022, making it the fastest-growing PropTech category by funding velocity.
- Fifth Wall participated in 12 PropTech deals over four years, more than any other investor, signaling that real estate-focused venture capital firms still lead the category.
- PropTech funding concentration has actually decreased: the top 10 deals captured 93% of total funding in 2022 but only 72% in 2025, suggesting a broader and healthier deal flow.
- Germany emerged as Europe's PropTech capital with repeated rounds for aedifion, Buena, Predium, and Arbio, accounting for more European PropTech funding than any other single country outside the US.
- Bilt Rewards raised four separate rounds totaling $850 million between 2024 and 2025, making rent-payment rewards the single most funded PropTech business model by a single company.
- The average PropTech deal size jumped from $27 million in 2023 to $45 million in 2025, a 65% increase that reflects later-stage capital flowing into proven platforms.
- ESG and building energy PropTech startups raised $414 million across 16 deals in four years, yet no single ESG-focused PropTech round ever crossed $100 million, suggesting the category remains fragmented.
- EliseAI grew from a $35 million Series C in 2023 to a $250 million Series E in 2025 at a $2.25 billion valuation, making AI-powered leasing the PropTech category with the clearest path to unicorn status.
- The number of PropTech deals below $2 million grew from zero in 2022 to nine in 2025, meaning early-stage PropTech innovation is accelerating even as headline capital flows to later-stage companies.
First, how do we define the PropTech market?
We define PropTech as technology products that materially improve how real-estate assets are operated, managed, leased, or transacted.
We include software, data, and connected systems used by owners, operators, property managers, brokers, and occupiers across operations, leasing, sales, and asset-level decision-making.
We exclude construction technology, general-purpose fintech or insurtech not specific to real estate, and consumer smart-home electronics that are not tied to operating or transacting a property.
This is also the definition we use in our pitch about the PropTech market.
In our Prop Tech market deck, we have designed useful charts to give you full market clarity
How has funding activity in the PropTech market changed over time?
2025 was by far the most active year for PropTech funding, with $2.47 billion raised across 55 deals, though this was heavily boosted by three mega-rounds above $250 million (Property Finder, EliseAI, and Bilt Rewards).
2022 was the least active year with just $533 million across 17 deals, which makes sense because it was the first year of rising interest rates and PropTech investors pulled back sharply after the 2021 boom.
Compared to 2025, PropTech funding was 58% lower in 2024 ($1.56 billion), 61% lower in 2023 ($956 million), and 78% lower in 2022 ($533 million), showing a strong and consistent upward trajectory over the period.
If you strip out the top two deals from each year, the underlying PropTech funding trend still shows healthy growth: from $228 million in 2022 to $723 million in 2023, then $999 million in 2024, and $1.64 billion in 2025, which means the broader market grew independently of headline mega-rounds.
If you're interested in this industry, please note that we regularly keep in touch and share funding updates for this market on this page, which we keep continuously updated.
We also make quarterly analyses of the funding activity in the PropTech market here.
| Year | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| 2022 | 17 | $533M | The post-boom correction hit PropTech hard, with deal count at its lowest. Two iBuyer-style rounds (Habi and Casavo) made up 57% of all funding that year. |
| 2023 | 35 | $956M | Deal count doubled as investors returned to PropTech with a flight-to-quality approach. ESG and sustainability software emerged as the breakout category with five funded startups. |
| 2024 | 50 | $1,564M | Short-term rental management dominated with Hostaway's $365 million mega-round. PropTech deal activity broadened across geographies, with India producing eight deals. |
| 2025 | 55 | $2,468M | AI became the default feature in almost every funded PropTech company. Three unicorn-making rounds (Property Finder, EliseAI, Bilt Rewards) pushed the total to a record high. |
In our Prop Tech market deck, we help you understand how the market is structured
Which startups in the PropTech market raised the largest rounds over the last few years?
These startups raised the most over the last years in the PropTech market:
- Property Finder raised $525 million in 2025 because it is the dominant real estate portal across the Middle East and North Africa, with Permira and Blackstone betting on its regional monopoly position.
- Hostaway raised $365 million in 2024 as the all-in-one vacation rental management platform attracted General Atlantic's backing to expand into European markets and invest in AI automation.
- Vantaca raised $300 million in 2025 to cement its position as the leading AI-powered community association management platform serving 6 million US households.
- EliseAI raised $250 million in 2025 because its conversational AI platform now automates leasing and maintenance for 1 in 8 US apartments, reaching a $2.25 billion valuation.
- Bilt Rewards raised $250 million in 2025 to scale its rent-payment rewards network, reaching a $10.75 billion valuation with backing from General Catalyst and United Wholesale Mortgage.
- Habi raised $200 million in 2022 as the Colombian iBuyer reached unicorn status by tackling massive liquidity and information gaps in Latin American housing markets.
- Entrata raised $200 million in 2025 from Blackstone to expand the leading multifamily operating system serving 35,000+ communities and 12 million residents.
- Bilt Rewards raised $200 million in early 2024, doubling its valuation to $3.1 billion as the rent-rewards platform signed partnerships with 7 of the top 10 US multifamily owners.
- Bilt Rewards raised another $150 million later in 2024, backed by Ontario Teachers' Pension Plan, to expand from rent payments into mortgage rewards and new loyalty categories.
- Juniper Square raised $133 million in 2023 to modernize private real estate fund management with investor portals and fund administration tools.
And, yes, we do cover most of them in our our beautiful pitch about the PropTech market.
In our Prop Tech market deck, we answer all the common questions from investors and entrepreneurs
Is the PropTech market shifting toward smaller or bigger deals?
According to our own data, the average PropTech deal size across all four years (2022 to 2025) was approximately $35 million, though this number is significantly skewed by a handful of mega-rounds that each exceeded $200 million.
Breaking it down by year, the average PropTech funding round was $31 million in 2022, dipped to $27 million in 2023 during the market correction, returned to $31 million in 2024, and then jumped to $45 million in 2025. The 2025 increase reflects a shift toward later-stage capital as proven PropTech platforms attracted growth equity and private equity investors.
Even when excluding the two largest outlier rounds each year, PropTech average deal sizes still grew from $15 million in 2022 to $31 million in 2025, confirming that the entire market (not just mega-deals) is maturing toward larger checks.
| Year | Number of deals | Avg. deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| 2022 | 17 | $31.4M | 0 | 2 |
| 2023 | 35 | $27.3M | 6 | 8 |
| 2024 | 50 | $31.3M | 8 | 8 |
| 2025 | 55 | $44.9M | 9 | 11 |
| All years | 157 | $35.2M | 23 | 29 |
In our Prop Tech market deck, we identify repeatable patterns you can use if you’re building in this market
How concentrated was funding activity in the PropTech market?
PropTech funding has become less concentrated over time, which is a healthy sign for the market. In 2022, the single largest deal (Habi at $200 million) represented 37.5% of all PropTech capital raised that year, but by 2025, the top deal (Property Finder at $525 million) accounted for just 21.3% of a much larger total.
The top 10 PropTech deals captured 93% of total funding in 2022 when only 17 deals happened, but that share dropped to 72% in 2025 across 55 deals, meaning capital is spreading more broadly across the PropTech ecosystem rather than pooling into just a few companies.
| Year | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| 2022 | 17 | 37.5% | 64.7% | 93.4% |
| 2023 | 35 | 13.9% | 35.0% | 79.4% |
| 2024 | 50 | 23.3% | 42.5% | 73.2% |
| 2025 | 55 | 21.3% | 41.5% | 72.4% |
| All years | 157 | 9.5% | 21.6% | 52.7% |
In our Prop Tech market deck, we track adoption trends and shifts in consumer behavior
Which categories in the PropTech market received the most funding?
Real estate marketplaces and transaction platforms was the most-funded PropTech category, raising roughly $1.22 billion (22% of total funding) across 18 deals from 2022 to 2025. This was driven by massive later-stage rounds from companies like Property Finder, Habi, and Casavo, which bet on being the dominant digital gateway for property buyers and sellers in their respective regions.
Property management and operations software came second with approximately $1.10 billion across 26 deals, making it the most active category by deal count. The shift toward AI-powered property management tools in 2025, led by Entrata ($200 million), Vantaca ($300 million), and Buena ($53 million), pushed this category past the $1 billion mark.
Short-term and vacation rental management ranked third with $764 million across 9 deals, despite having zero recorded deals in 2022. Hostaway's $365 million round in 2024 and Guesty's $130 million round the same year accounted for most of this total, reflecting investor conviction that vacation rental software has strong recurring revenue and clear product-market fit.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Real estate marketplaces and transaction platforms | 18 | $1,218M | Property Finder ($525M), Habi ($200M), Casavo ($105M + $22M), Loft ($100M), Zigbang ($77M), La Haus ($62M), Nawy ($52M), Nomad Homes ($20M), Ridley ($6.4M), Sumutasu ($8.2M), Sakan ($12M), Ohmyhome ($4.8M), Meta Egypt ($4.9M), Lastro ($15M), HouseEazy ($1M), GORO ($1M), Plaza ($1M), Morada.ai ($1.1M) |
| Property management and operations software | 26 | $1,096M | Vantaca ($300M), Entrata ($200M), DoorLoop ($20M + $100M), Buena ($49M + $53M), Venn ($52M), Facilio ($35M), Goodlord ($35M), HqO ($50M), Lula ($28M), Home365 ($26M), Infraspeak ($20M), Check & Visit ($14M), Clockworks Analytics ($16M), SwiftConnect ($10M), Cove ($6M), Mezo ($6M), Wreno ($5M), Innago ($4M), MagicDoor ($5M), SCALARA ($3.2M + $3.2M), Propexo ($3.3M), Admyt ($1.6M), dotega ($1.4M), Flent ($0.8M + $2M), Cohabit ($1M) |
| Short-term and vacation rental management | 9 | $764M | Hostaway ($365M), Guesty ($130M), Kasa Living ($70M), Holidu ($53M), Wander ($50M), Arbio ($36M + $34M), Summer ($18M), VIVLA ($9M) |
In our Prop Tech market deck, we have collected signals proving this market is hot right now
Who are the biggest investors in the PropTech market?
Fifth Wall is the most active PropTech investor with 12 deals across the four-year period, participating in rounds totaling over $770 million. As a real estate technology-focused fund, Fifth Wall invested in marquee PropTech names like Juniper Square (twice), Bilt Rewards, Wander, and Runwise, making it the go-to lead for growth-stage PropTech companies.
Camber Creek ranks second with 10 deals across rounds totaling roughly $880 million, including multiple Bilt Rewards rounds and investments in Measurabl, Loft, Jones, and Maybern. Camber Creek's strategy focused heavily on PropTech financial infrastructure and data platforms.
RET Ventures was the third most active PropTech investor with 8 deals, consistently backing leasing and property operations companies like Funnel Leasing (twice), Kasa Living, Measurabl, and Lula. RET Ventures' owner-operator LP base gives its portfolio companies built-in distribution advantages.
JLL Spark, the venture arm of commercial real estate giant JLL, made 6 PropTech investments including Infogrid, EliseAI, Measurabl, qbiq, and Jones, focusing primarily on commercial building technology and AI-powered leasing solutions.
Eurazeo emerged in 2025 as a major European PropTech investor with 4 deals in Arbio, aedifion, Reneo, and Buena, reflecting growing appetite for building sustainability and AI-powered property management in the German and European PropTech ecosystem.
Navitas Capital participated in 4 rounds, all connected to EliseAI (2023, 2024, and 2025) and Bowery Valuation, demonstrating a high-conviction thesis around AI-powered PropTech automation.
General Catalyst backed 3 PropTech deals including two Bilt Rewards rounds and PRYPCO, but its total funded exceeded $460 million because of the sheer size of the Bilt rounds.
Sapphire Ventures participated in 3 PropTech deals including EliseAI (2024, 2025) and Bilt Rewards, totaling over $470 million in funded rounds, positioning the firm as a key growth-stage PropTech backer.
Andreessen Horowitz invested in 3 PropTech rounds including EliseAI's landmark $250 million Series E in 2025, Flyhomes, and Loft, contributing to rounds totaling over $365 million.
Insight Partners participated in 3 PropTech deals spanning from Alasco in 2022 to HqO in 2023 and qbiq in 2025, showing consistent interest across European and US PropTech markets.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Fifth Wall | 12 | $774M | Juniper Square (2023, 2025), Loft, Banner, Propexo, PropHero, Ridley, Wander, Runwise, Bilt Rewards, Monograph |
| Camber Creek | 10 | $882M | Bilt Rewards (2024 x2, 2025), Measurabl, Bowery Valuation, Loft, Maybern, Whale, TwinKnowledge, Jones |
| RET Ventures | 8 | $272M | Funnel Leasing (2022, 2023), Fyxt, Measurabl, Kasa Living, Rent Butter, Tour24, Lula |
| JLL Spark | 6 | $324M | Infogrid, EliseAI (2023, 2024), Measurabl, qbiq, Jones |
| Navitas Capital | 4 | $376M | EliseAI (2023, 2024, 2025), Bowery Valuation |
| Eurazeo | 4 | $150M | Arbio, aedifion, Reneo, Buena |
| General Catalyst | 3 | $460M | Bilt Rewards (2024, 2025), PRYPCO |
| Sapphire Ventures | 3 | $475M | EliseAI (2024, 2025), Bilt Rewards |
| Andreessen Horowitz | 3 | $365M | EliseAI, Flyhomes, Loft |
| Insight Partners | 3 | $106M | Alasco, HqO, qbiq |
In our Prop Tech market deck, we cover the latest tech updates shaping the market
What are the 2026 narratives around fundraising in the PropTech market?
These are the dominant narratives shaping fundraising in the PropTech market in 2025 :
- AI-native property management platforms like EliseAI and Buena are replacing legacy software, and PropTech investors now expect AI to be core functionality rather than an add-on feature.
- Bilt Rewards' $10.75 billion valuation proves that rent-payment infrastructure is becoming a category as large as any traditional PropTech vertical, and more startups will chase this model.
- Private equity firms like Permira, Blackstone, and KKR are writing the biggest PropTech checks, which means founders should expect later-stage rounds to come with operational rigor expectations.
- Germany has quietly become the second most important PropTech market after the US, with Buena, Arbio, aedifion, and Reneo all raising significant rounds that attracted top-tier global investors.
- ESG and building decarbonization PropTech remains well-funded but fragmented, with no single company breaking past $100 million in a single round, which suggests consolidation is coming soon.
- Multifamily property management is the PropTech category where AI has proven the clearest return on investment, and the next wave of funding will likely focus on applying similar AI models to commercial and industrial real estate.
- Short-term rental PropTech software has matured into a proven B2B SaaS model, but with Hostaway and Guesty dominating, new entrants will need to specialize in niches like luxury (Wander) or European markets (Arbio, Holidu) to raise capital.
- Fractional ownership and co-ownership platforms like Pacaso, MYNE, and Arrived raised over $350 million combined, and this model will expand as homeownership affordability continues to decline globally.
- The Middle East (particularly UAE and Saudi Arabia) is emerging as a distinct PropTech funding hub, with Property Finder, Huspy, PRYPCO, Rize, and Ejari all raising significant rounds, driven by rapid urbanization and government digital mandates.
- PropTech seed-stage deal count grew from zero sub-$2 million deals in 2022 to nine in 2025, meaning the early-stage pipeline is healthy and new PropTech categories will likely emerge from this cohort by 2027.
In our Prop Tech market deck, we will give you useful market maps and grids
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