The launch marks the first time that the accelerator, REACH, will accept applications from companies from a non-primarily English-speaking region. Real estate startups can apply until February, and the application is also available in Spanish upon request.
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The National Association of Realtors’ technology accelerator is expanding to Latin America, the 1.6 million-member business group announced Tuesday.
The launch marks the first time that the accelerator, REACH, will accept applications from companies from a non-primarily English-speaking region.
Bob Goldberg
“REACH Latin America is a new chapter in the history of our program, reinforcing our commitment to supporting entrepreneurs and innovators in global real estate,” said Bob Goldberg, CEO of NAR and President of SCV, in a statement. “We invite all remarkable startups to apply to join us as we partner to propel our profession into the future.”
NAR’s venture capital arm and for-profit subsidiary, Second Century Ventures, manages REACH, which debuted in 2012 and has invested in more than 200 real estate-related startups. The program helps its participants tailor their products to better fit the real estate industry, provides networking opportunities with industry experts, and provides exposure for NAR members.
SCV began expanding the accelerator beyond the United States in 2019, and it operates in Australia, Canada and the UK. According to NAR, the Latin American real estate sector represents nearly US$1 trillion “in opportunities”.
REACH Latin America will be based in two major Mexican cities: Mexico City and Monterrey. Carlos Rousseau, president of the Mexico Proptech Association, will lead the program as managing partner. Rousseau is also the founder and former chairman of multinational real estate developer and investment firm Orange Investments.
Carlos Rousseau
“I am very pleased to lead such a forward-thinking program in the Latin American proptech ecosystem,” Rousseau said in a statement.
“This program will change the way things are done in the region and open up a world of opportunity for Latin American real estate tech startups. The Class of 2023 will bring together businesses from across the continent and across the real estate ecosystem, with each member carefully selected to deliver an enhanced customer experience in real estate.
The application window for REACH Latin America (REACH LATAM) began on Tuesday and ends on February 28, 2023. The program launch event will take place during the second quarter of next year in Mexico, and participants will get their diploma in the fourth term, according to the program website.
The program application form, which is in English, asks for basic information about the company and its founders, including how many are women, minorities, and/or LGBTQ+; what market and customers does the startup serve; what is the startup’s competitive advantage; what problem is it trying to solve; how much funding has it received so far; and what is its business model.
“Companies are not required to speak English to participate in the REACH Latin America program,” Rousseau told Inman in an emailed statement.
“The REACH LATAM application is provided in English on the REACH site for consistency with other programs, but is also available in Spanish upon request by interested program applicants.
“REACH LATAM will leverage best practices from all REACH programs, which have served entrepreneurs from more than two dozen home countries on five continents, many of whom operate their businesses in multiple languages. The REACH LATAM team will curate program assets and event experiences in multiple languages to provide the best possible experience for program participants.
According to NAR, REACH LATAM will focus on early-stage to mid-stage real estate-related technology companies and will offer an annual program that includes “mentorship, exclusive events, network exposure, strategic planning and access to a portfolio of over 200 like-minded, high-growth technology companies.
David Garland
“Our program is uniquely positioned to support and grow budding technology companies, helping them build agility and resilience while driving innovation in real estate,” said Dave Garland, Managing Partner of SCV, in a press release.
“Latin America’s booming real estate technology market is the perfect next chapter for REACH and is an essential part of our continued global expansion.”
In the old days, startups that signed up for REACH paid Second Century Ventures a $25,000 marketing fee and ceded stakes ranging from 2-5%. NAR did not disclose the registration cost for the most recent courses.