Igniting the Real Estate Software Sector
Co-leading with BDC Capital, Pender Ventures is excited to announce its investment in Spark RE Technologies. The company’s $6.3M CAD Series A round of funding includes participation from Groundbreak Ventures, a real estate and proptech venture capital firm.
New home development is a massive industry that contributes nearly US$1 trillion dollars[1] in GDP in North America alone. However, despite the size of the sector and how essential it is to the economic engine, the new home sales process is ripe with inefficiencies and inadequate tooling. Siloed systems are often piecemealed together and excel spreadsheets are running overtime to prop up the entire industry.
Spark RE Technologies was built out of firsthand frustration with the entire new development process and the belief that real estate need not rely on antiquated technology. Originally a purpose-built CRM, Spark has transformed into a comprehensive suite of tools and technologies that augment the entire transaction process for both real estate developers and marketers. Spark empowers these professionals with customer relationship management tools, digital contracting solutions, modern marketing plugins and completion tracking software.
In working with the Spark team over the past several months, we have witnessed the transformative potential of this solution for real estate businesses. For the first time, these entities are able to become data-centric organizations. Focusing on ease-of-use, the company has grown rapidly from an obscure Vancouver startup to a predominant brand in the industry that underpins billions of dollars in development for its clients globally. These attributes firmly align with our thesis on enterprise systems of insight and the digital transformation of brick-and-mortar industries.
With this funding, we are thrilled to support Spark as it develops even greater functionality to benefit the many stakeholders in new home development. We are aligned with the Spark management team in their belief that there exists a billion-dollar opportunity to effectively service the entire industry ecosystem. We believe they are just getting started.
[1] https://fred.stlouisfed.org/series/HOUST#0
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