As the property technology sector of Canada continues to grow, innovating and disrupting real estate and construction industries across the continent, two organizations have now joined forces to help cultivate the next generation of proptech startups.
Leveraging industry expertise and connections from GroundBreak Ventures, the DMZ has announced applications for its inaugural PropTech incubator, which will commence in September.
Toronto Metropolitan University’s business incubator for early-stage technology startups says it wants this stream to fuel potential for startups to redefine the real estate sector and build high-impact, world-class enterprises.
“We’re seeing the real estate sector face a historic boom,” says Sherif El-Tawil, Senior Director of Programs and Partnerships for the DMZ, which was founded in 2010. “Not only is PropTech a hot market for startups to tap into investment capital, but new ventures in the industry are driving meaningful impact to promote efficient and sustainable systems in Canada and beyond.”
At the intersection of real estate and technology, companies focused in property technology are tackling some of the world’s biggest challenges, according to a statement from the DMZ.
Proptech startups in Canada are doing many things right, including “providing solutions that combat the housing affordability crisis, helping institutions design, build and manage healthier homes, buildings and critical infrastructure, and solving property teams’ sustainability goals, among a myriad of other pressing issues felt globally,” says the organization of our nation’s 400-plus proptech companies.
Proptech Collective cofounder Courtney Cooper believes Canada “continues to be a very strategic location for proptech innovation on an international scale.”
“Proptech startups benefit from the large list of globally recognized real estate owners and operators headquartered across the country, supportive policies and programs for entrepreneurs, and a deep talent pool,” she noted recently.
Alongside GroundBreak Ventures, the DMZ looks forward “to supporting PropTech startups who are solving critical gaps within the sector,” El-Tawil said.
Entrepreneurs will receive customized growth support from the DMZ and GroundBreak Ventures over the course of 18 months. Startups accepted into the program receive $25,000 in grant funding, dedicated office space in the heart of downtown Toronto, 60 hours of one-on-one mentorship time from in-house subject matter experts, and support with fundraising strategies, including introductions to investors from GroundBreak Ventures and the DMZ.
With any luck, today’s saplings may one day rank among Canada’s best-funded.
“Real estate is a multi-trillion dollar asset class that’s still being managed by outdated systems globally, meaning there’s a huge opportunity for PropTech companies to help the sector innovate by developing solutions,” said Scott Kaplanis, Managing Partner at GroundBreak Ventures. “We hope to offer entrepreneurs a unique lens into both industry pain points and opportunities.”
Applications are open until August 14.
Through its award-winning programming, the DMZ has helped more than 700 startups raise $1.7 billion in capital and create 4,600 jobs.