US-based trade body National Association of Realtors (NAR) has launched its accelerator to complement its four-year old corporate venturing unit, Second Century Ventures (SCV).
The Reach accelerator has seven companies, BombBomb, Lumentus, Planwise, Reach150, Updater, Treater and Workface, in its initial nine-month long programme after receiving 130 applications.
Dale Stinton, NAR chief executive and president of the Reach accelerator, said: “Each of these startups brings unique potential to serve the real estate market and beyond, underscoring our commitment to supporting the very best companies and technology that can benefit our industry and our membership.”
Constance Freedman, NAR vice president of strategic investments and Reach managing director, in a presentation at the National Venture Capital Association’s corporate venturing group meeting, said the accelerator was a feeder for potential deals to Second Century Ventures. This was because the accelerator looked for companies that are earlier stage than it invests in out of its SCV fund which typically looks at companies with between $2m and $20m in revenues or a significant customer base at time of investment, such as DocuSign, Symform, EProperty Data and Ifbyphone.
When the accelerator was announced late last year, NAR said: “Reach’s differentiating factor is a focus on education, mentorship and market exposure around access to the trillion-dollar real estate market and the strategic expertise NAR can bring. In the process, NAR will also bring added value to its membership and continue to fulfill its core mission by identifying those technologies, resources and companies that will most benefit the industry.”
Rather than have the acceleratees go to NAR’s headquarters in Chicago, Freedman said they would meet up once a month at an industry function and gain from the mentorship of industry professionals and beta-testing of products from among 500 people.