Around The Network: Navitas Capital Closes Its Third Early-Stage Proptech Fund to Drive Innovation in the Built World

BuiltWorlds Member Navitas Capital, a premier early-stage venture capital firm at the forefront of transformative real estate and construction technologies, recently announced the closing of its third fund with $160 million – 60% above initial commitment target.

Founded in 2009, Navitas provides foundational capital, domain expertise and market access to world-class founding teams through a unique and highly aligned approach. Its third fund again seeks to take significant ownership stakes and build a concentrated portfolio of proptech investments across the real estate and construction sectors in Seed to Series B rounds, working closely with both founders and its limited partners (LPs).

Navitas possesses a long track record of successfully identifying and investing early in category-defining proptech startups, including BuiltWorlds members Procore and OpenSpace as well as Matterport, PlanGrid, View Glass, HqO, Orchard, Bowery, Cherre, and Lessen. Since its 2009 founding, Navitas has invested in portfolio companies with a current market value of over $20 billion.

Navitas is particularly excited by today’s environment and its ability to capture value as digitization and industry adoption accelerate across the built environment. Managing Partner Travis Putnam explains, “It’s clear that real estate as an industry is being reshaped and redefined, whether it’s automating work with AI, interpreting and processing visual information, decarbonizing the built environment, addressing housing affordability, connecting disparate systems to create new and seamless experiences, the merging worlds of fintech and proptech, or any of the many other themes we’re investing behind.”

Navitas is well positioned to catalyze this shift. Headed by Putnam and Managing Partner Louis Schotsky, Navitas possesses deep operational expertise in real estate and construction. It is widely known for providing trusted market insight to its founders and its LPs, who often co-invest alongside the firm.  “Our relationships with our founders and real estate executives are our most valuable asset.  They partner with us not only because of our track record as a VC, but also because they know we can help empower their businesses at the intersection of technology and real estate,” said Schotsky.

Fund III is anchored by returning LPs and industry heavyweights such as BuiltWorlds member Saint-Gobain, AvalonBay Communities; BentallGreenOak; Equity Residential; Essent; First American; Greystar; JBG Smith; JLL Spark Global Ventures; Public Storage; PulteGroup; Realdania and others spanning the real estate industry, in addition to investment managers, insurance companies, private equity firms and family offices.

Navitas has made initial investments in its third fund, including high-growth startups such as MeetElise, the leading conversational AI focused on the sector; Lessen, a vendor management platform for rentals; OpenSpace, a computer vision construction software company; and Sundae, a marketplace focused on distressed single-family homes. Navitas’ portfolio has seen dramatic revenue growth through the pandemic as the demand for digital solutions has accelerated.

All Standard and above BuiltWorlds members are invited to join us at our BuiltWorlds Venture West Conference in Palo Alto, CA from March 9th through 10th. Navitas Capital’s own Michael Heller, a Senior Associate, will be a judge at our Demo Day on Day One of the Conference. We hope to see you there!