Real estate innovation and venture capital firm Taronga Ventureshas announced the launch of the RealTechX Growth Program (“RealTechX”), an innovation program designed to drive growth in emerging real estate technology business in Australia and across Asia.
In its first year, the scale-up program will bring together 10 market-ready technology businesses (participants), 20 industry corporates (program partners) and the market access and capital of Taronga Ventures.
The program is supported by a $440,000 Australian Government grant, through the Incubator Support initiative funding as part of the Entrepreneurs’ Programme, as well as Taronga Ventures’ direct investment. RealTechX is also partnering with a diverse group of innovative real estate corporates as well as tertiary delivery partners including UNSW and CSIRO’s ON program. The program is the only Government supported and industry-backed real estate technology scale-up program in Australia and the Asian region.
In announcing the grant awards, Minister for Industry, Science and Technology Karen Andrews said the successful grant applicants demonstrated the sort of initiative and imagination that was essential to growing Australia’s economy.
“The Government provides this support because we recognise the critical role incubators and start-ups play across the economy in creating new high-value jobs,” Minister Andrews said.
“The $23 million Incubator Support initiative connects entrepreneurs with top-quality research, business advice and talent, which will help them realise their economic potential earlier.”
RealTechX has been designed to meet the specific needs of market-ready technology businesses, providing access to corporate customers, investment of strategic capital and expert advice on growth strategy. Further, RealTechX will support participants to expand into Asia through a market linkages tour.
Jonathan Hannam, Managing Partner, Taronga Ventures, said the program would highlight the need for Australia’s $182B real estate sector1 to prepare for the next phase of industry evolution.
“In 2018, the global property technology market received US$20B of venture capital investment and, since 2013, 60% of all property technology investment has been directed into the Asia Pacific region2.”
Our aim with RealTechX is to fast-track RealTech businesses to grow domestically and to help them to expand into new markets across Asia with strong local operating partners.”
RealTechX will facilitate connections with a network of leading real estate corporates, as well as engaging with partners from government, tertiary institutions and affiliated sectors. This level of market access is difficult for founders to achieve without warm introductions from existing relationships, especially in the real estate industry.
Julian Kezelman, Program Manager, RealTechX said the program was reflective of the growing interest in innovation targeted at shaping the future of the built environment.
“In recent years, we have seen entrepreneurial activity in finance, health care and agriculture boosted by programs supporting FinTech, MedTech and AgTech startups – until now, the real estate sector has been left largely unsupported. We are excited by the opportunities that the RealTechX Growth Program will bring to promising real estate technology businesses.” Mr Kezelman said.
“RealTechX has been deliberately designed to meet the needs of later-stage companies – offering the deep industry expertise and market access these companies need to be successful. Our goal is to drive technology adoption and tangible commercial outcomes for all participants and program partners.” Mr Kezelman said.
Applicants are open at www.tarongagroup.com/realtechx from 1 July 2019 and will close by 30 August 2019.