1、2021 PropTech Year in ReviewF EB R U AR Y 2 0 2 2 2021 was a breakout growth year for the PropTech market as the adoption of tech tools accelerated across all subsegments of the market. Nearly $19 billion in growth equity and debt capital raised in the U.S. PropTech category in 2021more than 2x the

2、amount of capital raised in 2020. 154 capital raises north of $20 million, which represents more than 2.6x the number of $20+ million rounds in the category YoY. Multiple new PropTech unicorns (Pacaso, PLACE, Homelight) and $100+ million capital raises (AvantStay, Lessen, Up&Up) demonstrate stro

3、ng investor appetite and TAM opportunity in the category. 2021 also broke M&A records in the PropTech market with 160+ M&A transactions, more than 90% of which were completed by strategic acquirers (including PE-backed strategics). Strategic appetite for access to PropTech solutions is broad

4、ening and the 2021 strategic acquirers list is more diverse than ever before with historical market consolidators (RealPage/Lone Wolf/MRI, etc.) now joined by others making large expansion acquisitions in the market (Hilti/Fieldwire; MSCI/RCA; nCino/SimpleNexus).A Breakout Year for the PropTech Sect

5、or2021 Year in ReviewHoulihan Lokey is a global leader in PropTech advisory. We are seeing continued strong momentum across all categories of the PropTech market and expect strong growth financing and M&A deal activity to continue in the sector.Sources: PitchB, company filings, company websites,

6、 press releases. (1) Deal values represent enterprise values.2$125M Equity Raised$100M Equity Raised$275M Equity Raised$165M Debt and Equity Raised$100M Equity Raised$500M/$7,704M$200M Equity Raised/$950M$608M/Significant Capital RaisesSignificant M&A Transactions(1) 2021 was also a record year

7、for PropTech in the public markets with multiple high-profile IPOs and SPAC transactions. There were 18 total publics listings, 7 of which were via traditional IPOs and 11 of which were via SPACs. Aggregate value of cash raised in these public listings totaled $9.3 billion. Multiple PropTech focused

8、 SPAC vehicles remain looking for merger partners.CompanyTypeFirst Trading DateAmount RaisedSPAC01/22$925IPO01/29$94IPO02/11$54IPO03/31$450SPAC04/05$538IPO5/20$635SPAC06/07$453IPO07/14$360SPAC07/23$640IPO07/28$343SPAC07/29$645SPAC08/03$587SPAC08/25$450SPAC09/02$653SPAC10/21$1,300IPO11/04$131SPAC11/0

9、8$674SPAC12/07$340A Breakout Year for the PropTech Sector2021 Year in Review+27%(5%)5%15%25%35%Dec-20Jan-21 Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21($M)SPAC/IPO Proceeds2021 SPACs and IPOs Mapped vs. the S&P IndexAdditional 2021 Announced SPACsSources: PitchB, CB Insigh

10、ts, company filings, company websites, press releases. 340+ Global PropTech Deals Announced Since 2017 U.S. PropTech TeamEuropean PropTech TeamLeader in PropTech Advisory21/22 Dealshas received a strategic investment fromSellside Advisor*has acquiredBuyside Advisor*has been acquired bySellside Advis

11、or*has been acquired bya portfolio company ofSellside Advisor*has been acquired bySellside Advisor*has a majority interest acquired bySellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*S

12、elected transactions were executed by Houlihan Lokey professionals while at GCA Global.has been acquired bySellside Advisor*4has been acquired by$370,000,000Sellside Advisor*Chris GoughManaging Director415.273.3696 Chris.GoughHL.comRip FurnissVice President646.259.7483 Rip.FurnissHL.comDominic Orsin

13、iManaging Director+44 (0) 161 240 6447Dominic.OrsiniHL.comTobias SchultheissManaging Director+49 (0) 69 204 34 6416Tobias.SchultheissHL.comhas been acquired bySellside Advisor*has received a majority investment fromSellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Ad

14、visorhas been acquired bySellside Advisor*a portfolio company ofhas been acquired bySellside Advisor*has been acquired byMLS Technology Holdings, LLCSellside Advisor*has been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas received a strategic growth investme

15、nt fromSellside Advisorhas received funding fromFinancial Advisor*has received an investment fromFinancing Advisor*Andrew AdamsManaging DirectorHead of Data and AnalyticsTara CarterManaging DirectorData and AnalyticsLawrence GuthrieManaging DirectorSpecialty FinanceJeffrey LevineManaging DirectorGlo

16、bal Head of Financial ServicesMichael McMahonManaging DirectorHead of Asset ManagementArik RashkesManaging DirectorHead of InsuranceBrent FerrinManaging DirectorSpecialty FinanceCraig MuirManaging DirectorData and AnalyticsJames PageManaging DirectorMortgageChristian KentManaging DirectorFinancial S

17、ervices/FintechPaul TraceyManaging DirectorInsuranceDominic OrsiniManaging DirectorTechnologyGagan SawhneyManaging DirectorCapital MarketsCraig TessimondManaging DirectorInsuranceEric WeberManaging DirectorAsset ManagementJuan GuzmanDirectorInsuranceRob LosquadroDirectorMortgageAaron SolomonSenior V

18、PFinancial Services/FintechAnna CotterellSenior VPData and AnalyticsAntoine MarieVPFinancial Services/FintechElliot ReaderVPFinancial Services/FintechDanielle SmithFinancial AnalystFinancial Services/FintechJoe WatsonSenior VPData and AnalyticsMatt CapozziVPFinancial Services/FintechRip FurnissVPTec

19、hnologyAndrew LarrabeeAssociateFinancial Services/FintechJack DenzerFinancial AnalystFinancial Services/FintechMichael WangFinancial AnalystFinancial Services/FintechIntegrated Team Built to Advise Modern Fintech Platforms5Fintech Leadership TeamAdditional Senior Industry Bankers and Team MembersTim

20、 ShortlandManaging DirectorTShortlandHL.comTobias Schultheiss Managing DirectorTobias.SchultheissHL.comChris GoughManaging DirectorChris.GoughHL.comChris PedoneDirectorCPedoneHL.comMark FisherManaging DirectorMFisherHL.comPage1.PropTech Market Summary62.Public Markets313.Market Comps Backup35$1,823

21、$4,226 $4,833 $6,944 $6,135 $14,502 $2,060 $1,345 $4,305 $1,823 $4,477 $5,308 $9,004 $7,480 $18,807 2001920202021Q1$4,622 Q4$4,289 Q3$5,972 Q2$4,289 Another Record YearReflected in 2021 Deal FlowSources: S&P Capital IQ as of 12/31/2021, PitchB, press releases.Notes: Excludes Oyo Rooms

22、 and The We Company financing rounds across all years. Represents data across CRE/investment, residential real estate, and mortgage technology.$18,807Avg. Deal Value:$20.6$8.0$20.1$21.3$20.8472 U.S. PropTech deals in 2021, totaling $19 billion in equity and debt$30.7Equity Raise ValueDebt Raise Valu

23、eU.S. Real Estate Technology Venture Investment (20162021)Q1Q2Q3Q4$500$500$507$300Top Equity Rounds by Quarter($M)7DateCompanySelect Investor(s)Amt. Equity InvestedEquity Funding to DateLatest Reported Valuation7/7$507$507NA3/26$500$828(1)$9,50010/12$300$697$2,60011/19$275$284NA2/23$270$697$2,6007/1

24、5$230$354(2)NA6/23Undisclosed$210$550+NA8/24$207$266(2)NA6/30$200$828(1)$9,5002/22$200$422(2)$600+Another Record YearReflected in 2021 Deal Flow (cont.)U.S. Growth Capital Raises Greater Than $20MTop 10 U.S. Equity Rounds of 2021Note: Top 10 excludes pre-SPAC rounds for companies that conducted a de

25、-SPAC transaction or IPOd in 2021.(1) Per Crunchbase.(2) Per PitchB.($M)5455404550556065707580859095555002020212.6x Increase82021 PropTech Sector SummaryKey Subsegment TrendsDateCompanySelect Investor(s)Amt. Equity Invested

26、Equity Funding to DateLatest Reported Valuation11/19$275$312(1)NA6/23$210$550NA8/13$200$363$2,0005/20$200$430$3,20011/30$170$214$1,000+7/27$165(1)$182NA2/23$150$265$2,500+10/19$150$220NA6/10$150$192$800+5/25$150$260$1,500+Top 10 U.S. Equity Rounds of 2021 in Residential RE($M)Residential Real Estate

27、 Technology (RRE) Notes: Top 10 excludes pre-SPAC rounds for companies that conducted a de-SPAC transaction or IPOd in 2021. 2021 Acquisition Activity is laid out as Acquirer/Target.(1) Includes undisclosed amount of debt. Expansion of Power Buyers Highly competitive housing market and consumer dema

28、nd for increased flexibility drove demand for innovative financing products and growth in the power-buying segment. Multiple business models and go-to-markets among power buyers deliver value to consumers and agents.Key PlayersBrokerage-as-a-ServiceVertically integrated real estate brokerages and “b

29、rokerage-as-a-service” models raised significant capital in 2021. Brokerage expansion into ancillary categories such as mortgage/title and insurance help mitigate the effects of commission compression. Key PlayersMultiple major consolidators were active in 2021 as the push to deliver a digitized “en

30、d-to-end” tech solution to the broker/team/agent market continues. Digitization of the transaction, the need for data-driven performance, and an enhanced consumer/agent experience will drive continued M&A activity in 2022.Continued Software Consolidation/2021 Acquisition Activity92021 PropTech S

31、ector SummaryKey Subsegment Trends (cont.)DateCompanySelect Investor(s)Amt. Equity InvestedEquity Funding to DateLatest Reported Valuation7/7$507$507NA3/26$500$828(1)$9,50010/12$300$697$2,6002/23$270$697$2,6007/15$230$354(2)NA8/24$207$266(2)NA6/30$200$828(1)$9,5002/22$200$422(2)$600+5/3$190$415$600(

32、3)12/15$160$191NATop 10 U.S. Equity Rounds of 2021 for CRE($M)Commercial Real Estate Technology (CRE)Note: 2021 Acquisition Activity is laid out as Acquirer/Target.(1) Per PitchB.(2) Per Crunchbase.(3) Valuation reported as of before this funding raise. CRE Building Operations/Workplace Tech Drives

33、ROICOVID-19 is accelerating tech adoption in CRE; using technology to more efficiently manage all aspects (tenants, energy use, access) of building operations and workplace experience is a primary focus for CRE owners./2021 Acquisition ActivityKey PlayersConstruction Tech Gaining MomentumEmergence o

34、f tools that can connect the key construction constituents (owner, general contractor, field mgmt., architects, specialty providers, etc.) and manage workstreams enabling better forecasting, cost management, and overall transparency. 2021 Acquisition Activity/Tenant Experience Is Central in Multi-Fa

35、milyTenants are demanding more digital engagement solutions from owners and management, and PMCs are adopting more tools focused on improving and digitizing communication, access control, maintenance, concierge, networks, digital payments, and various other tools/amenities.Key Players2021 Acquisitio

36、n Activity/10Active Universe of High-Profile PropTech InvestorsSelect Portfolio CompaniesSource: PitchB.Note: Portfolio companies not necessarily new entrants as of 2021.PropTech is a core or dedicated theme for leading venture capital, growth, and hedge funds.11Rise of Strategic Growth InvestorsSou

37、rce: PitchB.Note: Portfolio companies not necessarily new entrants as of 2021.Investment arms of real estate, insurance, and brokerage incumbents are increasingly participating in growth rounds for PropTechcompanies alongside private equity and venture capital firms or as stand-alone investors.Asset

38、 Owners/ManagersInsurance/TitleSelect InvestmentsStrategic Growth InvestorsBrokerageOther Strategics12Globalization of the PropTech MarketSource: PitchB.(1) Global funding is VC capital raises.(2) Capital raises is inclusive of all rounds in 2021. International PropTech Innovation Gaining MomentumIn

39、diaChinaU.K.GermanySouth AfricaBrazilColombiaAustraliaSpainJapanSouth KoreaFranceSimilar trends occurring in M&A and capital raising internationally; $7.1 billion(1)invested outside of the U.S. into PropTech in 2021. This represents a 3.4x increase YoY of investments made in the category, outpac

40、ing the U.S.s growth in capital investment.Significant Capital Raises Outside of the U.S. in 2021(2)$700M Equity Raised$525M Equity Raised$70 in Equity/$450 in Debt$30 in Equity/$422 in Debt$420 Equity RaisedMexico13 There were 12 new PropTech entrants to the unicorn club in 2021. Companies focused

41、on construction finance, building management, RE marketplaces, and agent tools among other verticals of PropTech leveraged substantial private investor interest in the space to achieve $1+ billion valuations. PropTech Unicorn Club in the U.S.U.S. PropTech Unicorns($M)U.S. PropTech Companies Valued a

42、t $1+ BillionSources: CB Insights and press releases.(1) Per PitchB.Segmentation of the Unicorn ClubLast Round DateCompanyKey InvestorsEquity Funding to DateLast Round Valuation6/30/21$828(1)$9,5006/23/17$664(1)$4,000(1)5/20/21$430$3,20010/12/21$697$2,6006/28/21$265$2,500+8/13/21$363$2,0009/2/21$219

43、$1,6009/30/21$265$1,5009/14/21$217$1,5005/25/21$260$1,50011/10/21$225$1,05012/21/20$160$1,000+11/30/21$214$1,000+9/9/21$255$1,00011/17/21$100$1,0006/7/16$257$1,0005/9/19$197$1,000CRE/ConstructionResidential/Mortgage142021 Acquired(1)PropTech Private Company Funding LeadersEquity Raised to Date:$50M$

44、100M$100M$200M$200M$500M$500M$25M$50M($664M)($3.1B)Other Mega Funding Leaders79 companies raised $100M+219 companies raised $25M+Q4 21 MoversIPO/SPAC Announcement(1)20202021Sources: PitchB, CB Insights, company filings, company websites, press releases. Notes: Funding totals exclude secondary transa

45、ctions. Equity raised to date as of 12/31/2021.(1) Based on transaction announced date. Monograph15HeadquartersSan Francisco, CAFounded2012DescriptionProvider of furnished housing intended for business and personal travel. The company partners with homeowners to furnish and rent their properties to

46、corporate clients, enabling property owners to earn more, and clients to get access to furnished homes for their businesses and personal travels.Employees122Select Current InvestorsOver the past 18 months weve superseded corporate housing and are challenging the old, rigid rental market by offering

47、beautifully designed homes outfitted at fair prices and flexible terms in places residents want to live. Were supply constrained in all of our markets, so we want to go and get more homes. We also want to keep investing in and improving, the online experience for our homeowners and residents. We kno

48、w where people want to live and how much theyre willing to pay for flexible living.Kulveer Taggar, CEO and Co-Founder, Zeus LivingZeus Living Raises $55 Million in Series D RoundSources: TechCrunch, PitchB, company website, press releases.(1) As of 10/14/2021.Transaction OverviewKey 2021 Metrics(1)S

49、elect Deal CommentaryZeus Living Overview On October 14, Zeus Living announced its $55 million Series C funding round led by SIG. Zeus Living offers homes in 96 U.S. cities, including Austin, Miami, Portland, and Philadelphia. “Revpar” (the revenue it achieves for the homeowners whose properties it

50、manages) has increased 21% in 2021. This round brings total funding of debt and equity to $125 million.Series CLed by$55M Equity Raised$250MApproaching Lifetime Booking Revenue 87%Occupancy of Homes5,000Homes Offered on Platform1.4MNights Spent by Residents With Zeus Living 42K+ResidentsOn Platform16HeadquartersEl Segundo, CAFounded20