From 2014 to 2019, jumping last year, a cumulative amount of $60 billion has been invested in PropTech.
SAN FRANCISCO—Dealpath, real estate investment and portfolio management software provider, recently received a strategic investment from Blackstone. The investment contribution was not disclosed.
The partnership provides Dealpath with industry experience and expertise from Blackstone’s real estate and innovations teams. Blackstone intends to continue building upon the Dealpath platform as a core of its data strategy and architecture for maximum value creation from pipeline to portfolio management.
“Dealpath is transforming an industry that has $1 trillion transacted annually with only makeshift means of deal management, either by cobbling together legacy tools such as Excel plus Word plus email or spending enormous resources attempting to customize CRM systems,” said Mike Sroka, co-founder and CEO. “At Dealpath we believe that real estate is driven by people with information to shape our built world. We believe that intuitive, purpose-built software empowers collaboration, decisions and scale. Everything that Dealpath does is in pursuit of maximizing value of real estate investment and capital markets in the Internet age.”
As of late, Dealpath clients are benefiting from immediate returns and results including 475% ROI, 20% more deals evaluated, 30% fewer errors in underwriting and due diligence, 50% increase in weekly productivity and 60% lift in employee satisfaction.
“Blackstone has been leveraging Dealpath as a client with rapidly expanding deployments that are generating significant value for our businesses. Dealpath has solved important needs for Blackstone and the industry with centralized data that is highly performant and globally accessible. This enables seamless collaboration across teams, partners and systems, and institutional grade data security. We view it as the foundation of a modern real estate tech stack and key player in the digital transformation of real estate,” said John Fitzpatrick, managing director of Blackstone innovations and infrastructure.
Dealpath is now backed by venture capital and strategic investors that include Blackstone, JLL Spark, 8VC, GreenSoil Investments, Goldcrest Capital, LeFrak, Milstein and Bechtel. This new investment comes less than a year after the company closed a Series B round.
“This is a step up from the last round,” Sroka tells GlobeSt.com. “Blackstone is Dealpath’s largest key client and our work together started in 2016. We’ve stayed in close communication during the past two years and Dealpath deployed on many Blackstone entities during that time. We also expanded during that time, and through data sharing and collaboration, saw how Dealpath can be part of that universe.”
Sroka points to how real estate has noticeably changed from the 1960s, when REITS were dominant, and into the 1980s and 1990s when private equity was a large part of the equation. Today, the majority of real estate is owned by professional management companies.
“This requires new tools to unlock value,” he tells GlobeSt.com. “The economies of scale are changing in real estate. Companies are acquiring more portfolios. This requires structuring and automating data, and we feel we’ve crossed the chasm to adoption, which is really exciting. Clients know they must be involved to compete and they are seeing a real return on investments.”
With offices in San Francisco and New York City, Dealpath has surpassed $5 trillion in transactions supported on the platform. Investment managers use Dealpath as a command center for pipeline tracking, deal analytics and workflows that result in investment decisions with operational leverage and lower enterprise risk.
“This investment partnership with Blackstone is the result of our shared views on the incredible opportunity of real estate being digitally transformed and we unlock the value of structured data and intelligent work,” continues Sroka. “We see an inevitably bright future ahead with more programmatic portfolio management and transaction execution in the world’s largest asset class and this critical part of our economy and way of life.”
From 2014 to 2019, especially last year, a cumulative amount of $60 billion has been invested in PropTech, according to Dealpath. The global real estate market has topped $200 trillion.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
