NAR’s REACH technology growth program has been awarded PropTech Outlook’s 2024 Accelerator of the Year, underscoring its significant contribution to the advancement of real estate technology.
NAR’s venture capital arm, Second Century Ventures, launched the REACH program in 2013 to foster innovation in the real estate industry. Initially limited to the US, the program has since expanded to seven major markets.
Leveraging NAR’s extensive network of 1.5 million real estate professionals, REACH connects startups with industry leaders to accelerate growth. Ashley Stinton, managing partner at NAR REACH, expressed satisfaction with the program’s recognition as the 2024 Accelerator of the Year.
Stinton emphasized that this award underscores REACH’s significant journey, from its humble beginnings in the US to its current presence in multiple global markets.
REACH’s commitment to shaping the future of real estate was reinforced in 2024 by the addition of 55 new companies focused on building automation, brokerage, finance, asset management, and data analytics.
REACH has expanded its global reach to include the United States, United Kingdom, Canada, Australia, New Zealand, Latin America, and Israel, with plans for even further international growth.
The program’s success can be attributed to its comprehensive support system, which offers mentorship from industry leaders, expert-led education, and high-profile exposure through Demo Days and partner events in each region.
Peter Schravemade, managing partner for REACH Australia and New Zealand, explained that REACH’s global strategy focuses on supporting local innovation and helping startups expand internationally. He believes that the recent award recognizes the program’s global impact and its ability to foster innovation.
Schravemade emphasized REACH’s significant role in the property technology sector. The program actively invests in companies that align with its goals of driving innovation and growth.
Currently, REACH holds a substantial stake in around 40% of the leading property technology companies, solidifying its position as a major player in the industry.
Mr. Schravemade highlighted that the REACH program has been growing steadily in the local market, with significant advancements in PropTech, particularly in areas like construction, architecture, and commercial developments, which are essential for tackling housing supply issues. He also shared that plans for further expansion include launching a second program in the region in the near future.
Natasha Terinova, managing partner of REACH UK, emphasized that the partnership with Propertymark and TDS has fostered stronger industry collaboration. This partnership allows for greater support for startups, accelerating their growth and market penetration.
She also highlighted REACH’s ability to help innovative startups expand globally. The program offers customized support that caters to the unique demands of regional markets.
