Proptech in Canada

2022 Report
Table of Contents

08 The Status of Proptech in Canada

10: Canadian Proptech Market Statistics
14: Key Investment Highlights
15: Proptech Innovation Quadrants
16: Major Proptech M&A in 2021 & 2022
17: The 25 Top-Funded Proptech Startups
18: Top Investors and Accelerators

20 Trends in the Canadian Proptech Ecosystem

22: Alternative Financing Platforms
23: Omnichannel Retail Experience
24: Decarbonization Through Energy Efficiency
25: Construction Technology
26: Web3 & the Metaverse

27 Recap: What Have We Learned

28: Learn More About Proptech Collective
29: Methodology
About Proptech Collective
WHO WE ARE
We are a volunteer-run collective of real estate professionals, Since launching in May 2019,
technologists, city builders, and entrepreneurs who believe technological
innovation can change the built world for the better.
Proptech Collective has held

30
Coming from startups, large enterprises and everything in between, we
know how hard it can be to create meaningful change. We also recognize
silos exist across the real estate, technology, and public sectors, and
important voices are being left out of the conversations.
events
That’s why we founded Proptech Collective. We see these challenges as an
opportunity to come together to find better solutions and build more
inclusive, resilient, and sustainable communities in Canada and beyond.

that have brought out

2,000+
WHAT WE DO
Collaboration is at the heart of what we do. Our events, educational
content, and community initiatives focus on identifying tangible steps to
advance technology and innovation in the real estate and construction
attendees
industries. We provide an authentic forum for candid conversations,
knowledge sharing, and community building.

3
 Join us! Subscribe &
Foreword become a member today

In 2021, we released the first-ever Proptech in Canada report. As active members of the Meet the Authors
Canadian proptech community, we recognized there was a gap in information that was
available on the thriving startup ecosystem, the investors, and innovative real estate players
that are advancing the real estate and construction industries. We’re so appreciative of the
support that we received, and we’re very excited to share the 2022 updated findings in this Courtney Cooper
report. Co-Founder at Proptech Collective

Principal at Alate Partners

Over the last year and a half, the pace of investment and activity in the proptech ecosystem
has accelerated, evidenced by:
● 150 startups added to the proptech in Canada database
● 10+ new entrants to the 25 top funded companies list Alice Guo
● 3 largest M&A transactions valued at a combined $1.5B
Marketing at Proptech Collective
Our perspective is that Canada continues to be a very strategic location for proptech Tech Strategy & Planning Manager
innovation on an international scale. Proptech startups benefit from the large list of globally at Oxford Properties
recognized real estate owners and operators headquartered across the country, supportive
policies and programs for entrepreneurs, and a deep talent pool.

This report wouldn’t have been possible without the conversations with and support we’ve had Stephanie Wood
from the community. Thank you to all of the founders, investors, real estate leaders, and others Marketing at Proptech Collective
that have helped us bring our findings to life.
Associate at Alate Partners
We hope that you enjoy the report.

Courtney, Alice & Stephanie Special thanks to Eric Wang and the rest of the Proptech
Collective committee for all their help on this report.

4
Thank you to our sponsors

Our sponsors share our vision to create a space for real estate professionals,
technologists, entrepreneurs, and city builders to collaborate, learn, and craft a
better future, together. Thanks to their financial support and contributions of
time and expertise, we’ve been able to launch this year’s Proptech in Canada
“ Canada continues to be a PropTech hub with a
thriving technology ecosystem.

After a pandemic-induced pullback in activity,

report and continue to support the growing proptech community. renewed interest has returned to this asset class
given the accelerated adoption of technology in
real estate and the keen desire to focus on
solving problems through innovation. Whether its
construction tech to unlock value or applications
to help measure, track and reduce the carbon
footprint, PropTech has a role to play.

PwC Canada is thrilled to support Proptech

Collective and the PropTech community in

”
Canada and beyond.

Acknowledgements
Thank you to the founders, real estate companies, investors, Proptech
Collective committee members, and many others who have contributed to
this report. FRANK MAGLIOCCO
REAL ESTATE LEADER
PWC CANADA

5
Thank you to our foundational supporters and members
PROPTECH MEMBERS INDUSTRY MEMBERS

Join us!
Subscribe and
become a member today

6
 Why Canada?
Canada is becoming a global hub for real estate innovation. With a growing tech ecosystem, as well as a thriving real estate and
construction industry, Canada is creating an incredible home for the next generation of proptech startups.

HOME TO LEADING GLOBAL FRIENDLY IMMIGRATION ACCESS TO TALENT SUPPORT FOR INNOVATION
REAL ESTATE COMPANIES POLICIES

9 of 2021’s top 50 global institutional 3 of the top 10 most diverse cities in 1st most educated country in the 175+ incubators & accelerators
real estate investors are Canadian North America, including Toronto (#1), OECD; +57% of the population have a throughout the country
Montreal (#7), and Vancouver (#9) post-secondary degree or diploma

431K immigrants annually; friendly ~500K students enrolled in $4B in annual national tax
policies announced and high immigration STEM programs at any time incentives via the SR&ED program
targets for 2022-2023

Other Canadians you might know: 1st Toronto is the fastest growing city by 1st Since 2015, Toronto has topped the RLB Crane Index for North America
population in North America

5th largest state by population if Ontario 1st fastest growing tech hub in North America: adding 81,200 jobs over the
was in the US past five years

GREATER TORONTO AREA, CANADA SNAPSHOT

Source: Toronto Global, Statcan, UBI Global, Rider Levett Bucknall, PERE, CBRE, Betakit 7
01
The Status of
Proptech
in Canada

8
 Summary of the proptech landscape in Canada

After analyzing 450+ proptech startups in Canada in commercial real estate, residential real estate, and construction tech, we have
found the following:

77% 50% 71%

Top 5 Most Funded Startups Top 3 M&A Transactions

Acquired by Acquired by Acquired by

Note: Find methodology at the end of the report. 9

 2022 Canadian Real Estate Technology – Residential & Construction
Find Property Evaluate & Finance Property Manage Property
Listings & Marketplace Alternative Financing Rental Management

Tech-Enabled Real Estate Brokerage Property Data & Appraisal Home Improvement & Maintenance

Marketing & Sales Tools Digital Mortgages Brokers Lender Technology Tenant Screening & Payment

Agent Tools
Asset Utilization Close on Property
Home Automation & IoT Co-living Transaction Management Title & Escrow

Learn more at proptechcollective.com

Build Property
Collaboration & Construction
Planning & Design Onsite Technology Marketplace New Materials & Prefab
Project Management

Note: Companies selected based on Proptech Collective analysis and reviewed by a panel of real estate executives and industry experts. The Market Maps showcases Canadian Companies only and may include recent
acquisitions or acquired companies still operating under their existing brand. To suggest a company, click here. To learn more about leading proptech companies globally, visit Thomvest’s Market Maps or Real Estate Tech360. 10
 2022 Canadian Real Estate Technology – Commercial
Find Property Manage Property Asset Utilization
Viewing & Imagery Building Automation & IoTs Tenant Engagement & Amenities

Co-working & Office Space

Listing & Leasing

Storage & Logistics

Evaluate & Finance Property Management

Equity Financing Platforms

Retail

Property Data & Appraisal

Energy Management & Sustainability
Hospitality

Lending Technology

Transaction Management & Underwriting Parking, EV, & Mobility Indoor Navigation & Occupancy Analytics

Learn more at proptechcollective.com

Note: Companies selected based on Proptech Collective analysis and reviewed by a panel of real estate executives and industry experts. The Market Maps showcases Canadian Companies only and may include recent
acquisitions or acquired companies still operating under their existing brand. To suggest a company, click here. To learn more about leading proptech companies globally, visit Thomvest’s Market Maps or Real Estate Tech360. 11
 Where Canadian proptech startups are located

~42% DISTRIBUTION BY REGION

Province Count %

of proptech startups in Ontario 251 56%

Canada are located in the
Greater Toronto Area. British Columbia 80 18%

Quebec 54 12%
The North
Alberta 42 9%

British Atlantic Region Prairies 12 3%

Columbia Alberta
Atlantic Region 11 2%

Prairie Quebec
2
4 Provinces Ontario Grand Total 450 100%

• Startups are distributed across

1
Canada, which remains
5
consistent with last year’s
findings.

• Top 5 hubs remain the regions

around Toronto, Vancouver,
Montreal, Calgary, and
Kitchener-Waterloo

Source: Proptech Collective Analysis. 12

 When Canadian proptech startups were founded
NUMBER OF NEW STARTUPS PER YEAR TOP NEWCOMERS

49
47 46 44
Segment
Total
Funding
Year
Founded
“
We launched
Unreserved to make
the buying and selling
process more fair and
transparent for all. We
YEAR FOUNDED truly believe
(2005-2021) 39 39 >30 Listing & Marketplace $33.9M 2020
37 MICHAEL RYAN O'CONNOR Canadians deserve
choice in their real
CEO, UNRESERVED
estate transactions -

”
and we're here to
facilitate just that.

Digital Mortgage $26.9M 2021

“
18
16
14 15
13

7 Billdr has grown

5 5 5 rapidly since
Investment
$10.1M 2020 launching two years
Management
ago. Montreal has
been a great home
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
for us to attract tech

”
talent and capital
from investors.
Home Improvement $5.0M 2020 BERTRAND NEMBOT
CEO, BILLDR

~78% of Canadian proptech startups were

founded in the past decade. Pre-Fabrication $4.1M 2021

Note: Limited data is available on startups in their early years, which typically results in under-reporting of companies founded within the previous 2+ years. For 2021, a forecast has been added to account for the timing lag.
Top Newcomers includes the highest funded companies founded in 2020 and 2021. 13
Source: Pitchbook; Crunchbase; Company Press Releases; Proptech Collective Analysis. Currency is CAD unless otherwise stated.
 Key investment highlights
DEAL SHARE BY FUNDING STAGE TOP 4 FUNDING ROUNDS IN 2021

Exit
12%
Series B+
Series A 7%
Seed 10%
39%

Construction Services & Delivery Storage & Logistics

Pre-seed/Angel Platform Founded in 2017 | Toronto, ON
32% Since Jan 2020, over 75 companies Founded in 2016 | Montreal, QC Raised $115M (Series B) from Yaletown
have raised seed rounds, including:
Raised $181M (Series B) from Tiger Global Partners, Intact Ventures, Whitecap Venture
• Unreserved raised $33.9M led Partners, Silicon Valley Bank, IKEA
by Michael Ryan O'Connor Management and Sozo Ventures
• VEERUM raised $9.3M led by
Builders VC and BDC
• VendorPM raised $6.0M, led by
Bessemer Venture Partners

Digital Mortgage Brokerage Home Service Software

Founded in 2018 | Montreal, QC Founded in 2010 | Edmonton, AB

~71%
Raised $76M (Series B) from Michael Raised $60M (Series C) from OMERS
of companies are in the seed stage or earlier. Paulus, Michael Rowell, Diagram Ventures, Ventures, Summit Partners, C100
Investissement Québec Association, Claridge, OneEleven, Point Nine
Capital, Version One Ventures

Source: Pitchbook; Crunchbase; Proptech Collective Analysis. Currency is CAD unless otherwise stated. 14
 Proptech innovation quadrants
ESTABLISHED HEAVYWEIGHTS

ESTABLISHED HEAVYWEIGHTS Established companies have been Heavyweights are generally well-
High

players in the market for nearly a funded, raising an average of

Viewing & Imagery
decade, on average. Generally, $54MM. These categories are
Property Data & Appraisal these companies have built stable more mature, operating for an
Listing & Marketplace
New Construction Materials operating models with less than average of ten years.
Indoor Navigation & Energy Management & Sustainability
Hospitality
$10MM in capital raised.
Occupancy Analytics
• Property Data & Appraisal
Home Improvement & Maintenance
• Viewing & Imagery • New Construction Materials
• Listing & Marketplace • Energy Management &
Average Company Age(Year)

• Indoor Navigation & Occupancy Sustainability

Analytics • Hospitality
Digital Construction • Digital Construction Collaboration • Home Improvement & Maintenance
Collaboration
• Building Automation & IoT
Building Automation & IoT

Agent Tools Property Management Platforms

Co-Working & Office Space

PIONEERS DISRUPTORS
Retail & Industrial
Tenant Engagement Utilization Storage & Logistics
Pioneers include newer companies, Disruptors are fast-growing
Planning & Design Construction
Tech-Enabled Broker Marketplaces many of which have launched in companies that are attracting
Digital Mortgage Brokers the last five years. These markets significant capital in their early
& Lender Technology are developing, with companies years. Most of these companies
raising an average of $4MM to date. have been founded in the last six
Equity Financing Platforms
Rental Management
years and raised an average of
• Property Management Platforms $21MM.
• Agent Tools
Low

• Co-Working & Office Space

PIONEERS DISRUPTORS • Retail & Industrial Utilization
• Storage & Logistics
• Construction Marketplaces
Low Average Funding Amount High • Tenant Engagement • Tech-Enabled Broker
• Planning & Design • Digital Mortgage Brokers &
This model is adapted from Venture Scanner’s Innovation Quadrants, which is intended to guide • Equity Financing Platforms Lender Technology
startup research and scouting processes. It organizes emerging technology categories into four states • Rental Management
of innovation by plotting the categories on two axes. The model uses average age to show maturity
and average funding to give a sense of traction.

Source: Proptech Collective Analysis. Currency is CAD unless otherwise stated. 15

 Major proptech M&A in 2021 & 2022
TOP M&A ACTIVITIES SELECT M&A ACTIVITIES

ECOBEE x GENERAC
Target Acquirer Date Target’s Segment
Smart Thermostats

× Generac acquired Ecobee for $964.5M in November 2021. Construction

The acquisition will further build out Generac’s suite of 2021-May
Intelligence
offerings around an intelligent home energy ecosystem.

2021-Aug Digital Homebuying

LANE x VTS
Workplace Experience Platform Digital Home
2021-Sep
Renovation
× VTS acquired Lane for $250.5M in October 2021. The
acquisition will add new tenant engagement capabilities
to VTS Rise. 2021-Sep Construction IoT

Residential Showing
2021-Oct
Management

REONOMY x ALTUS GROUP Visitor Management

CRE Data & Analytics 2021-Dec
× System

Altus Group acquired Reonomy for $252.4M in November

2021. Reonomy’s AI-powered data platform will expand Building Operations
2022-Jan
Altus’ suite of software, data and analytics capabilities. Management

Note: Select M&A activities in 2021 and 2021, ranked by date of acquisition.
Source: Pitchbook; Crunchbase; Company Press Releases; Proptech Collective Analysis. Currency is CAD unless otherwise stated. 16
 25 top-funded proptech startups in Canada
Year Total Raised Last Deal Year Total Raised Last Deal
No. Name Segment No. Name Segment
Founded (CAD $M) Type Founded (CAD $M) Type
1 14 Construction resource
Construction delivery 2016 $ 202M Series B 2021 $ 44M Series A
▲ 12 NEW management

2 Later Stage 15
Pre-fab construction 2018 $ 126M Home automation 2012 $ 38M Series B
NEW VC -

3 Storage & logistics 2017 $ 113M Series B 16 Home auction platform 2021 $ 34M Seed Round
▲ 20 NEW

4 Tenant screening & 17

2016 $ 108M Series A Location intelligence 2014 $ 29M Series A
NEW payment NEW

5 18 Construction material
Digital mortgage 2018 $ 108M Series B 2016 $ 29M Series A
▲ 25 ▼ 10 delivery

6 Home service software 2010 $ 87M Series C 19 Digital mortgage 2021 $ 27M Series A
▲7 NEW

7 20 Building automation &

Tech-enabled broker 2018 $ 67M Series B 2016 $ 25M Series A
▼5 NEW IoT

8 21 Building automation & Later Stage

Pre-fab construction 2018 $ 65M Series A 2009 $ 25M
▲9 ▼ 11 IoT VC

9 Later Stage 22 Tenant screening &

Home energy station 2013 $ 61M 2013 $ 24M Series A
NEW VC ▼ 13 payment

10 Later Stage 23
Agent-matching 2016 $ 61M EV charging 2016 $ 23M Series A
NEW VC NEW

11 24 Construction building
Autonomous HVAC 2017 $ 59M Series A 2016 $ 22M Series A
▲ 16 NEW materials

12 Heavy equipment rental 2015 $ 56M Series B 25 Alternative financing 2018 $ 20M Series A
▲ 19 NEW

13
▼8 Cleaning robotics 2014 $ 45M Series B

Note: Funding amounts represent total equity financings and exclude debt, when possible. Rankings in the 25 Top-Funded fluctuates based on financings since the last report; the ranking is not representative
of company performance 17
Source: Pitchbook; Crunchbase; Company Press Releases; Proptech Collective Analysis. Currency is CAD unless otherwise stated.
 Top investors in Canadian proptech startups
INVESTORS WITH THEIR EYES ON CANADIAN PROPTECH CANADIAN PROPTECH FUNDS ARE RAISING BIGGER FUNDS
Investors with 2+ investments in Canadian proptech startups Proptech-focused funds in Canada are attracting global capital to
continue to support and grow the local ecosystem

Based in Toronto & Calgary | Launched in 2018

Investing in early-stage proptech in Canada & the US

Select Canadian Portfolio Companies

Based in Toronto | Launched in 2015

Impact investing to digitize & decarbonize real estate

Select Canadian Portfolio Companies

INVESTMENTS BY MEGA FUNDS ARE ON THE RISE

Canadian proptech companies are on the radar of the world’s largest
investors, including:

Invested in Invested in Invested in Invested in

Source: Pitchbook; Crunchbase; Company Press Releases; Proptech Collective Analysis. Currency is CAD unless otherwise stated. 18
 Top accelerators
CANADIAN ACCELERATORS CASE STUDY:

Reach Canada is a real estate technology growth program, created by Second Century
Ventures, an early stage venture fund backed by the National Association of Realtors®,
the world's largest trade association with 1.5 million members.

REACH Canada, one of REACH’s five global accelerators, is a connecting point, providing
Canadian and International startups unparalleled access to North American real estate
industry executives, investors, mentors and entrepreneurs, and reciprocally creating
access to global solutions for the Canadian real estate industry.

2020 Cohort
“ Through our cohorts,
we’ve had the pleasure
of working with talented
Canadian startups and
have been
overwhelmed by the
support of the industry

”
mentors and investors
in the community.

2022 Cohort

Canada has one of the most active government-funded accelerator

ecosystems. While the accelerators are spread across the country, Greater Toronto
Area has a strong cluster, followed by Kitchener-Waterloo Area, Montreal, and
Vancouver.
LYNETTE KEYOWSKI
MANAGING PARTNER

Source: Proptech Collective Analysis. 19

 02
Trends in the
Canadian Proptech
Ecosystem

20
Emerging Trends in Canada

01 Alternative financing platforms to make home ownership more accessible

02 Omnichannel experience to redefine the role of the store

03 Energy efficiency measures to reduce carbon footprint

04 Construction technology to unlock value on and offsite

05 Web3 and the metaverse’s impact on the physical world

21
Trend 1

Alternative financing platforms to make home ownership more accessible

OVERVIEW KEY TRENDS
Over the last decade, home prices have risen much faster than household incomes. To
help address home affordability, technology is coming to the home equity space, with Fintech solutions, such as Robinhood and Wealthsimple, have made
different types of solutions to make homeownership and real estate investment more Democratization financial markets more accessible for many. Similarly, individual real
accessible and flexible. of real estate estate investors are able to start small and spread their investment
across different properties.
Some options including:
• Co-ownership: A company acts as an investor and joins the homebuyers as an
equity partner in the home. Changing
Regulations on alternative financing are fast-changing and can be
• Rent-to-own: A company purchases the home and enter a rental agreement with regulations to
different across the provinces. The good news is that regulators have
the prospective homebuyers. support
been working with startups to rethink how to enable non-accredited
• Crowdfunding: Online platforms where multiple individuals can invest in a property alternative
investors to invest in alternative assets.
by splitting equity ownership. financing

INNOVATORS IN THIS SPACE We are at the beginning of Web3, powered by Blockchain. In Web3,
Evolving consumers will be able to exchange data directly through an
technologies ecosystem owned and controlled by the consumers. This paradigm
shift will redefine real estate transactions and empower consumers.

“ addy enables you to

“ There is a need in the
INTERVIEWS

connect with a market to democratize

community to ensure Founded in 2019 | Toronto, ON investing (in real
Founded in 2018 | Vancouver, BC
everyone has the ability estate). People want
addy, a new platform for real estate to take part in BuyProperly is an online exchange for more access and more
investing, is using crowdfunding to ownership society and fractional alternate asset investments. options, which were
enable the average person to invest change how real estate It allows you to buy and sell fractional historically only open to
MICHAEL STEPHENSON KHUSHBOO JHA

”
large institutional

”
in institutional-grade commercial investing works. shares of alternate assets through a
CEO & CO-FOUNDER FOUNDER & CEO,
real estate for as little as $1.00. simple online interface and app. investors.
ADDY
BUYPROPERLY

Source: Proptech Collective Analysis. 22

Trend 2

Omnichannel experience to redefine the role of the store

OVERVIEW KEY TRENDS
The pandemic accelerated the shift from traditional retail to e-commerce. Retailers
and mall operators are developing online strategies, while considering the interaction Physical shopping is becoming more experiential and personalized.
Connecting
between digital and physical. Building end-to-end omnichannel capabilities is Brands are using data-driven insights to understand behaviour and
physical and
becoming a critical step in attracting and retaining customers. preferences to make decisions on leasing, promotion, products, and
digital retail
customer service.
Notable areas include:
• Product discovery: Building multiple online and offline channels to help customers
gather information on products and make a purchase.
• Fulfillment: Offering flexibility in which customers can receive, collect, and return Stores are becoming micro-fulfillment and distribution hubs to
their orders.
The store as a last achieve a higher level of convenience for online orders, allowing the
• Customer service: Providing personalized interactions with the brand online and
mile hub customers to decide when, where, and how they will retrieve their
in-store to improve experience and increase loyalty. order.

INNOVATORS IN THIS SPACE The existing percentage rent lease structure may evolve as online
sales become prominent and landlords explore new ways to
Disruption in
provide value to retailers. Real-time data can unlock insights for
leasing models
landlords and retailers, adding flexibility to lease terms and
providing more personalized services to customers.

“ “ Livestream shopping took

off in Asia and is changing
INTERVIEWS

The mall is becoming the way consumers

a destination - an Founded in 2019 | Toronto, ON
Founded in 2011 | Waterloo, ON interact with brands.
experience beyond the We’ve customized the
Mappedin is the leading platform for shopping. Wayfinding ShopThing is transforming the way experience for North
indoor spatial data management, can help customers people shop and sell through live America to allow people
digitizing venues, and building best- become more video commerce alongside top-tier to shop through short, live
HONGWEI LIU REBECCA GILL

”
productive in shopping

”
in-class indoor mapping retail brands, the creator economy videos created by
experiences. CEO & FOUNDER, centres. and 350,000+ customers across North CO-FOUNDER & VP shoppers in stores.
MAPPEDIN America. MARKETING, SHOPTHING

Source: Proptech Collective Analysis. 23

Trend 3

Real estate decarbonization through energy efficiency

OVERVIEW KEY TRENDS
Decarbonization is becoming one of the most important priorities on real estate Many real estate companies have started to deploy sensors to collect
companies' agenda. Technologies are helping the industry undertaking the Data and real-time data on energy consumption, space utilization, and indoor
sustainability transition and building a future-proof built environment. analytics are the air quality. The data will provide greater insight into operating
foundation for performance and tenant behaviour, while uncovering opportunities to
Notable areas include: smart buildings increase operational efficiency, create healthier spaces, and track
• AI-driven energy management: Operators can use data analytics and AI to progress towards emission targets.
monitor, predict, and ultimately change the way that they operate their properties.
• Grid-interactive efficient buildings: Buildings are increasingly leveraging on-site Decarbonization Meeting carbon reduction goals requires partnership with public and
energy storage and reducing peak demand. New technologies can transform requires public- regulatory entities. In Ontario, initiatives such as the IESO’s Grid
buildings into flexible energy resources that provide support to the electricity grid private Innovation Fund and NRCan’s Smart Renewable and Electrification
and accelerate the use of renewable energy. partnership Pathways Program provide funding to support innovative energy
• EV charging: As EV cost and range improves, charging infrastructure is becoming projects and help private firms de-risk new technologies.
more prevalent and integrated into parking facilities and building energy systems.
With advances in technology and building materials, along with
INNOVATORS IN THIS SPACE Striving towards
regulatory and social pressures, real estate companies are
net zero and even
becoming more creative and sustainable in the design and
climate positive operation of their assets.

“
CASE STUDIES

The built environment In partnership with MIPIM, the 2021

has a lot of potential to Canadian Proptech Innovation Award
Founded in 2014 | Toronto, ON decarbonize. An recognized Peak Power as the leading
integrated approach Canadian proptech startup based on
Peak Power is an innovator in creating distributed that leverages smart product innovation and impact on
energy resources for the built environment. The building technology, customers in the real estate industry.
company aggregates battery storage, grid energy efficiency, and
DEREK LIM SOO

”
interactive buildings, and bi-directional electric grid interactivity can Learn more about the awards.
vehicles with a single decarbonization platform. CEO & CO-FOUNDER, make a huge impact.
PEAK POWER

Source: Proptech Collective Analysis. 24

Trend 4

Construction technology that unlocks value on and offsite

OVERVIEW KEY TRENDS
New technologies have helped the construction industry moving buildings, people, and
Digital collaboration is now at the forefront of managing people
processes online. This helps the entire ecosystem work more effectively, decrease
Digital and resources in construction. Tools that help optimize the
downtime, improve utilization, and use data to gain valuable insights.
collaboration on workforce, monitor materials and workflows, and provide real-time
Notable technologies: and offsite communication and analytics are transforming every step of the
• IoT: Sensors are being used to collect and analyze project status in real-time, such value chain.
as concrete monitoring and connected wearables for site safety.
• Building information modeling (BIM): Allowing architects, engineers, real estate Construction companies are now integrating prefabrication and
Rise of
developers, contractors, manufacturers to collaborate on one platform and one modular construction into design and build processes. Simultaneous
prefabrication
model. and modular on-site construction and off-site manufacturing of components is
• Drones & satellites: Mapping and imagery on construction projects help with construction reducing cost and time, while making projects more flexible and
everything from planning to site safety. efficient.

INNOVATORS IN THIS SPACE Innovation in materials and monitoring will help reduce and control
Innovation in the impact of emissions. From self-healing concrete to mass timber,
materials the more sustainable materials are having a lower impact in the
environment, and are being adopted at a wider scale.

“ “
The construction sector The industry has realized
has a staggering effect that leveraging
INTERVIEWS

on the environment and technology to

Founded in 2019 | Vancouver, BC is just at the brink of a Founded in 2017 | Toronto, ON understand exactly
new revolution in green what’s happening on site
Nexii designs and manufactures high- technology. The EXACT creates data driven solutions is essential to building
performance buildings and green opportunity to be a for construction. Constructors of all safer, faster, and more
building products that are sustainable driving force in this types and sizes use monitoring data sustainably - while
STEPHEN SIDWELL STACIA VAN ZETTEN

” ”
and cost efficient, while significantly industry is Very from their hardware and software to yielding higher quality
CEO FOUNDER & CSO,
reducing construction timelines. motivating for us. build their projects faster, safer and products.
NEXII
more sustainably. EXACT

Source: Proptech Collective Analysis. 25

Trend 5

Impact of Web3 and the metaverse in the physical world

OVERVIEW KEY TRENDS

Metaverse The metaverse is in its earliest innings. Today, it is centred on entertainment, enhancing
Web3
experiences in the physical world, and providing an alternative way to participate.
Major Metaverse applications in real estate include:
Web1 refers to the early internet, The Metaverse refers to a massively
which was characterized by static scalable, interoperable network of Brands are using the metaverse as ways to build loyalty by providing
websites, message boards, and real time rendered 3D virtual worlds Retail unique discounts and access codes that connect physical and virtual
blogs that ran on open protocols. which can be experienced experiences.
simultaneously by unlimited users.
Web2 led to the rise of large,
centralized platforms, including A fully functioning version of the Hotels are making properties accessible and immersive in the online
Facebook, Twitter and YouTube. Metaverse is a way off, but we’re
Hospitality world for those who cannot access them in person, as well as have
experiencing the earliest versions started to provide unique virtual experiences.
Web3 promises to replace these today with 3D worlds like
centralized, corporate platforms with Decentraland and Sandbox. Bill Gates has predicted that by 2025, most virtual meetings will move
more open protocols and from 2D camera grids to the avatars in the metaverse. The shift to
Office
decentralized communities, powered hybrid work and increase in online meetings will have implications for
by blockchain and cryptocurrencies, the use of physical space, but the full impact is yet to be validated.
that allow owners to control the
content and assets created, as well Description adapted from Matthew Ball’s Beyond the metaverse, Web3 technologies can significantly impact real estate – from digitizing
as profit off of them. Metaverse Primer. Read more. transactions and title via smart contracts, NFTs, and blockchain to the tokenization of assets to
decentralize access and unlock new sources of capital.

“ Where we are with Web3 & the

“ While many early Web3 applications will enhance
INTERVIEWS

Metaverse is similar to the early days existing processes, there are some potential
Founded in 2021 | Toronto, ON of the internet. Computing power is outcomes of Web3 that have the power to
in a cartoonish phase, but the fundamentally disrupt the industry.
evolution of technology has and will While no one knows yet what these are, we do
Metaverse Group is a vertically
continue at a rapid pace. As AR/VR know there are different skills required to win the
integrated real estate firm focused on
the metaverse economy, including real and photorealism improves, much real estate game in the digital world.
LORNE SUGARMAN MICHELLE KILLORAN

”
more will become possible.

”
estate acquisition, development, district
CEO PRINCIPAL,
development, and other related services.
METAVERSE GROUP OMERS VENTURES

Source: Proptech Collective Analysis. 26

Option 2

What we have learned

INCREASING GROWTH IN CANADA’S ACCELERATED ADOPTION OF A STRONGER FOCUS ON ESG &

PROPTECH ECOSYSTEM TECHNOLOGY IN REAL ESTATE SUSTAINABILITY IN THE INDUSTRY

Canada has a globally recognized real estate COVID-19 accelerated adoption of technology Decarbonization is no longer an option for the
industry, friendly immigration policies, strong in the real estate industry. As the way of life real estate industry. Policymakers, capital
talent pool, and supportive entrepreneurship returns to what it was pre-pandemic, the investors, communities, and employees are all
ecosystem. Proptech growth and funding has industry is transitioning to the “next normal” to demanding that companies have a clear ESG
soared to record highs. Some notable trends adapt to the change in behaviour and plan. Leading Canadian real estate firms have
that support this include: evolving processes. Technology adoption is set the example to transition to net zero,
happening across the entire real estate value including:
• Many of Canadian proptech startups have chain:
attracted $100+ million funding rounds from • Oxford: Reduce carbon emissions by 30% by 2025
mega US funds, such as Tiger Global and Bain • Alternative financing models are making (scope 1 & 2, from 2015 level)
Capital. homeownership more accessible. • Dream: Achieve net zero emission by 2035
• Canadian proptech startups are becoming the • Retail brands are building strong omni-channel (scope 1 & 2)
M&A targets for large US proptech firms, as they capabilities to attract, engage, and retain • Ivanhoe Cambridge: Achieve net zero emission
solidify and expand their offerings. shoppers. by 2040 (scope 1 & 2)
• Canada has become a natural preference for • Data and analytics are becoming foundational • Brookfield: Achieve net zero emission by 2050
expansion. More proptech firms have expanded to real estate companies’ journey to net zero. (scope 1 & 2)
their presence to build a footprint in the country. • Digital collaboration tools, new processes, and
• There has been momentum in new and existing innovation in materials can unlock value in These firms have made commitments to
proptech companies across the country, with construction on and offsite. increase energy efficiency, carbon reduction,
over 150 startups added to the database. • The application of Web3 and metaverse in real and renewable energy to build a sustainable
estate is very early, but there is an opportunity to
and inclusive future.
extend the experience in the physical world and
provide more seamless transaction experiences.

27
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Methodology
The Proptech in Canada 2022 report provides an overview of the Canadian proptech landscape, including analysis of over 450
Canadian startups.

Source of data: This report relied on several sources including Pitchbook, Crunchbase, Toronto Global, Unissu, Alate Partners, CBRE, Thomvest Ventures,
individual company websites, and other publicly available information. Analysis was completed by Proptech Collective.

Timing of data: The database includes information up to May 15, 2022, with exception of certain startups that have received large funding within 2022. Other
startups founded or financed after this date may not be included as part of the analysis.

Categorization of startups: The report leveraged the categorization created by Thomvest Ventures in their 2020/2021 Real Estate Technology Landscape.
Each startup is categorized based on its core market (Residential, Commercial or Construction), its value chain (Find Property, Finance & Evaluate Property,
Manage Property, Build Property, Close on Property, or Asset Utilization), and its product or service’s main function.

Market Maps: Companies selected based on Proptech Collective analysis and reviewed by a panel of real estate executives and industry experts. The
Market Maps showcases Canadian Companies only and may include recent acquisitions or acquired companies still operating under their existing brand. To
suggest a company for future reports, click here.

Quadrant Analysis: categories included have at least 3 companies in our database and a minimum average funding amount of $500,000.

The 25 top-funded proptech startups: Startups are ranked based on the total financing received before December 31, 2021, with exception of certain
startups that have received large funding within 2022. While total raised is not the best measure of a company’s success, it is the most commonly available
metric. If other metrics were used, a number of impressive companies would appear on the list or rank higher.

Currency: If original figures were in USD, an exchange rate of 1.28 USD:CAD was applied.

Proptech Collective aims to showcase the Canadian companies transforming the real estate and construction landscape. This
is a volunteer-run initiative, so if you would like to participate or support future reports, please get in touch.

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