Coronavirus could bring consolidation, layoffs to proptech

$4.8B buyback does little to stop SoftBank’s fall

SoftBank is set to buy back $4.8 billion in shares amid demands from an activist investor and a volatile stock market. The buyback would represent 7 percent of the Japanese conglomerate’s shares, which have been plummeting.The WeWork parent has come under fire recently for its handling of the beleaguered co-working firm’s botched public offering last year.

Convene Closing 17 Locations Amid Coronavirus Fears

A member at Convene’s 530 Fifth Avenue location has tested positive for the coronavirus, prompting a temporary closure of the location, Commercial Observer has learned. The flex meeting, event and office space company is responding to the spreading pandemic by opting to temporarily close 17 locations across the country, while maintaining operations at 11 sites and paying employees across the board.

Compass faces a reckoning

It was an audacious goal from the start. Five years after Compass hired its first 10 agents in New York City, CEO Robert Reffkin pledged the company would have 20 percent market share in 20 major U.S. cities by 2020. “That means we’re going to expand,” he told agents who gathered in New York for an all-team meeting in 2017. “We’re going to expand to Seattle, San Diego, Phoenix, Dallas, Austin, Houston, Atlanta, Philadelphia and Chicago.”

Blackstone Investment Infuses PropTech Firm for Expansion

SAN FRANCISCO—Dealpath, real estate investment and portfolio management software provider, recently received a strategic investment from Blackstone. The investment contribution was not disclosed.

Congruent Ventures raises $92 million to invest in sustainable tech

Congruent Ventures, a new firm led by veteran clean energy VCs Abe Yokell and Joshua Posamentier, has raised $92 million in funds to back early-stage companies focused on sustainability-related technology. Reversing the trend: A decade ago, a surge in appetite for investing in cleantech ended in disappointment and losses. Congruent’s partners say things are different this time.

CREtech Weekly PropTech Venture Capital Funding Recap

This week witnessed a high deal volume in North America and the U.K. The more notable rounds of capital went to supply chain management platforms for construction sites, online rental property platforms and augmented reality technologies. The largest round went to Zumper, a San Francisco-based online rental property marketplace that allows users to filter their options by location, price, size, pet requirements and amenities. On March 10th, Zumper received $60 million in a series D round led …

Qualia Wins “Best Digital Mortgage Product” 2020 FinTech Breakthrough Award

SAN FRANCISCO, March 11, 2020 (GLOBE NEWSWIRE) — Qualia, the leading digital real estate closing company, today announced that Qualia Post, which streamlines the lender’s transactions during the closing and post-closing process has been selected as the winner of the “Best Digital Mortgage Product” award by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market today….

Proptech investments in Southeast Asia grew to US$72.9M in 2019, says study

Southeast Asia poses the second highest number of deals and undisclosed funding across of Asia Pacific in 2019, showing a strong focus in proptech since 2017, reveals a JLL-TechInAsia study.

Amazon to sell cashierless tech to other retailers

Amazon is selling its cashierless technology to other retailers, which will enable consumers to pay for goods without waiting in line to checkout. Without needing an app or an Amazon account, the e-commerce giant’s Just Walk Out technology detects which products shoppers take from shelves, tracks them in a virtual cart, and then charges their credit card and emails them a receipt, the company said in its announcement.