The number of proptech startups seeking to bring high-tech to the commercial real estate industry has increased three-fold to 8,000 in the last decade, according to JLL data.
The spike in the number of players has also caused some shrinking of the field. Proptech M&A has totaled more than $18 billion in 2021 through the end of August and is on track to surpass the $21.9 billion of M&A transacted in 2020.
Funds continue to flow toward more established industry leaders and those whose products have proven useful through the pandemic period, JLL said.
“Our industry is right on the cusp of impactful change driven by widespread technology adoption,” Raj Singh, Managing Partner of JLL Spark, the global venture fund of JLL Technologies, said in a release.
Roughly half of the $97 billion total raised by proptech startups in the last decade was raised by U.S. companies, most of them located in New York, Chicago, Los…