Private equity firm Genstar Capital has made a strategic growth investment in real estate technology firm Inside Real Estate.
Private equity firm Genstar Capital (Genstar) has made a strategic growth investment in real estate technology firm Inside Real Estate (IRE).
The IRE made the announcement to Inman via a press release.
Genstar has a history of investing in software, industrials, financial services and healthcare. Private equity firm Lovell Minnick Partners (Lovell Minnick) acquired a majority stake in IRE in 2019.
“Genstar Joins Inside Real Estate’s Existing Financial Partner, Lovell Minnick, Raising A Substantial Combined Capital To Support The Continued Growth And Innovation Of Inside Real Estate And Strengthen IRE’s Position As A Leading Technology Partner in the residential real estate market, ”the press release said.
IRE’s flagship business solution, the kvCORE platform, is a popular business option for brokerage firms in the United States and Canada. Brokers, teams and agents can take advantage of its comprehensive suite of tools for all aspects of trade monitoring, from transaction coordination to website creation and digital marketing.
“We know our success is driven by the success of our clients,” said Nick Macey, president of Inside Real Estate, in the press release. “Genstar and Lovell Minnick are both aligned with our goal of bringing market-leading products and innovations to help our clients compete and win as the real estate landscape continues to evolve. “
The company recently rolled out a software offering for consumers, CORE Home. The product helps recent buyers manage their home systems while remaining connected to their agent through interfaces and branded communications.
CORE Home was developed over 18 months to address the long-standing problem of home buyers failing to rehire their agents when it comes time to sell. The software instituted a number of functions to help homeowners stay aware of a home’s impact on personal wealth and lifestyle, among other tools for physical maintenance and monitoring the performance of home systems. .
“Inside Real Estate has become the clear category leader in the real estate technology industry,” said Steve Ozonian, board member of Inside Real Estate and member of the advisory board of Lovell Minnick. “Lovell Minnick is delighted to continue to work with the Inside Real Estate team and welcome Genstar as a partner to fuel the continued growth of the business into the new year and beyond.”
Shortly after Lovell Minnick’s investment in IRE, the company announced the acquisition of the startup CMA DashCMA, now known as CORE Present.
Acquisitions have been common in proptech over the past 18 months, with 2021 being particularly busy.
In an exclusive interview with Inman about Genstar’s involvement, IRE CEO Joe Skousen was not specific on the subject of additional acquisitions, but said there were categories of proptech that ‘they were examining.
“We are an innovator and we will continue to grow organically in the right areas,” he said. “That being said, we see that there are opportunities on both the front and back office platforms to acquire and bring together cutting edge technology for the benefit of our customers. “
Skousen also said that growing CORE Home remains a company goal, and that Genstar’s understanding of cutting-edge technology is critical to the mutual benefit of the organizations.
“Genstar arrived with a lot of context around space,” Skousen said. “They’ve seen tech companies in the residential industry for a number of years, but a lot of them may not have a clear strategy or their business momentum is not great. They said they were looking for the main technology partner in space.
KvCORE’s clients range from individual agents to large brokerage houses, but its broad corporate offerings have recently gained the attention of inside executives. Skousen said he is delighted all customers see what this latest news will bring.
“We are leading the technological battle with, alongside and behind their strategy, we are not getting in their way,” he said. “[It’s important] for them to have a technological partner who knows how to bring together the best technologies, integrated from end to end, [so they] don’t need to bundle 25 different vendors and solutions.
Email Craig Rowe.