Investment in real estate technology in Q1 2021 was 33% of full-year 2020 levels, so the year was off to a strong start:
• Mortgage technology was the clear funding category leader, led by Blend’s $300M Series G round of investment.
• Residential category investment was 25% of mortgage technology, led by brokerage platform Side’s $150M Series D funding round.
In contrast, the strong M&A activity in Q1 2021had a significant concentration in the residential category:
• There were several residential strategic acquisitions such as Zillow Group/ShowingTime, Constellation Real Estate/Top Producer and BoomTown/Brokermint.
• The noteworthy acquisition of CoreLogic by Stone Point Capital and Insight Partners was also announced in Q1. Special Purpose Acquisition Vehicles (SPACs) activity also continued to progress in Q1 with Matterport and Offerpad announcements