A new business focused on the property technology (proptech) market has launched today with $40 million in seed financing.
Amid the backdrop of an exponentially growing real estate market and technologies that will drive efficiencies in this sector, Alate Partners plans to build an ecosystem that brings together leading proptech innovators with influential real estate owners, operators, and managers.
Alate will work with companies – ranging from early stage startups to growth companies – that are innovating to accelerate the development and adoption of technologies that enhance or augment how real estate is designed, built, and managed.
Where appropriate, Alate will work with real estate partners to identify market challenges, incubate ideas, and build great teams to commercialize opportunities.
Alate was incubated through a partnership between one of Canada’s leading real estate companies – Dream Unlimited and Dream Office REIT (collectively, “Dream”) – and early stage venture firm Relay Ventures.
In addition to committing capital, Dream and Relay Ventures are working together to develop the overall strategy and provide governance and insights to Alate.
“We have extensive experience investing in and supporting the growth of early stage tech companies. But we also recognize the tremendous potential for those technologies designed specifically for the real estate market. This is an industry vertical that is primed for significant global growth, but which requires the expertise of those who are deeply entrenched in that market,” said John Albright, co-founder and Managing Partner at Relay Ventures.
“By partnering with Dream, and other real estate partners, we are bringing together our extensive knowledge and expertise in the technology sector with one of Canada’s leading real estate companies with a global scope of expertise that includes residential and commercial property development and management.”
Concurrent with the launch, Alate has made investments in Lane and ParkWhiz.
Lane’s tenant experience platform enables more effective communication and engagement between commercial landlords and their tenants.
ParkWhiz is a smart parking solution that connects parking lot operators and managers with drivers to find, book, and pay for parking through its app, website, and distribution partners.