E
ra Ventures, a New York City residential brokerage, is launching an $88 million fund to support proptech startups amidst a decline in activity. The fund has already invested in seven companies, including Honey Homes and Ostrich, with backing from investors like ICG Advisors and BentallGreenOak.

    Founder Clelia Warburg Peters sees the real estate industry undergoing significant change, likening it to the Industrial Revolution. "It's on us to recognize that this shift is happening," she said in 2022. The announcement comes as venture capital companies are scaling back investments, with last year seeing a nearly 40% decline in deals and this year expected to raise $200 billion - down from $400 billion in 2021.

    Despite the overall decline in venture capital funds, Era Ventures joins Moderne Ventures, which announced its third fund totaling $230 million earlier this week. Peters, a former president of Warburg Realty, has a background in real estate and proptech, having co-founded Metaprop in 2015 and served as a venture partner with Bain Capital Ventures before founding Era Ventures in 2022.