Proptech startups raised about $1.04 billion across 38 funding deals in February, according to new research from the Center for Real Estate Technology & Innovation (CRETI). The median deal size was roughly $6.6 million, suggesting that many transactions continue to occur at the seed and early-stage level, even as a handful of larger financings drive overall investment totals.
The data reflects a broader trend CRETI has identified across the sector: Venture capital remains active in real estate technology but is increasingly concentrated in fewer, larger transactions rather than widely distributed across early-stage startups.
The deals that drove February’s $1B funding total
Several large financings played an outsized role in shaping February’s funding totals, according to CRETI.
Among the largest financings were Kiavi ($350 million, debt), Dwelly ($50 million, debt), Metiundo ($47.6 million, Series A), OneDome ($34.2 million, Series C), Stake ($31 million, Series B), Ownwell ($30 million, Series B), and Orchard ($30 million, venture).
Together, these transactions accounted for a significant portion of the capital deployed during the month.
“When these largest rounds are excluded from the dataset, the distribution of deal sizes more closely reflects the $6.6 million median, indicating that most venture financings occurred at typical early-stage levels,” CRETI said in the report.
Big rounds dominate, but new startups keep emerging
Despite the growing emphasis on scale, early-stage startups continue to attract investment. The 38 deals tracked in February included a mix of seed, Series A and later-stage rounds, suggesting venture investors remain active in backing new ideas across the real estate value chain.
Those startups span areas such as construction technology, property operations platforms, real estate fintech infrastructure, and energy and building management tools.
“These startups were distributed across North America, Europe, the Middle East, and Asia, reflecting the continued globalization of proptech innovation,” CRETI said in the report.
The activity suggests that while the largest checks are flowing to more established platforms, the broader pipeline of proptech innovation remains global and diverse.
Proptech funding moves toward operational efficiency
The largest funding rounds are increasingly targeting platforms that build financial and operational infrastructure for the real estate industry.
Recent venture investments have flowed to companies developing tools for real estate lending, transaction management and property operations. Industry observers say these platforms aim to streamline complex workflows and reduce operational friction across the built environment.
The trend reflects a shift in proptech venture investing toward companies that can operate at platform scale across property markets, rather than tools designed to digitize a single task.
‘Greater capital concentration’
Taken together, the February funding data suggest that the proptech sector may be entering a more selective phase of venture investment. Rather than a broad wave of speculative funding, capital is increasingly flowing to a smaller group of companies with scalable platforms and established market traction.
At the same time, the continued presence of seed and Series A rounds indicates that new startups are still entering the market across construction technology, real estate fintech and property operations software.
“For venture capital investors and institutional allocators, this pattern suggests a proptech ecosystem that is evolving toward greater capital concentration and stronger underwriting standards, while still supporting innovation across the global built environment,” CRETI’s report concludes.
