DMZ and GroundBreak Ventures today announced launching a specialized proptech incubator, according to a press release.
The new incubator program is intended to fuel the potential for startups to “redefine the real estate sector and build high-impact, world-class enterprises,” with key pain points it intends to address including housing affordability, healthier home building and management, and sustainability goals.
The two Toronto-based organizations say a select group of high-potential startups will represent the program’s first cohort, beginning in September, with selections receiving customized growth support over 18 months.
“We’re seeing the real estate sector face a historic boom. Not only is PropTech a hot market for startups to tap into investment capital, but new ventures in the industry are driving meaningful impact to promote safe, inclusive, efficient and sustainable systems in Canada and beyond,” stated Sherif El-Tawil, DMZ’s Senior Director of Programs and Partnerships, in the release.
The groups also said accepted startups will receive $25,000 in grant funding, dedicated office space in downtown Toronto, 60+ hours of one-on-one mentorship time from in-house subject matter experts and support with fundraising.
“Real estate is a multi-trillion dollar asset class that’s still being managed by outdated systems globally, meaning there’s a huge opportunity for PropTech companies to help the sector innovate by developing solutions that curb the affordability crisis, build better communities, align with work-from-home demands, and combat the climate crisis. We hope to offer entrepreneurs a unique lens into both industry pain points and opportunities,” said Scott Kaplanis, Managing Partner at GroundBreak Ventures.
The release says that founders must apply for PropTech stream within the DMZ’s Incubator by August 14, 2022 at 11:59 p.m.