The launch marks the first time the accelerator, REACH, will accept applications from companies in a non-primarily English-speaking region. Real estate startups can apply through February, and the application is also available in Spanish by request.
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The National Association of Realtors’ tech accelerator is expanding to Latin America, the 1.6 million-member trade group announced Tuesday.
The launch marks the first time the accelerator, REACH, will accept applications from companies in a non-primarily English-speaking region.
“REACH Latin America is a new chapter in our program’s history, furthering our dedication to supporting entrepreneurs and innovators throughout global real estate,” said NAR CEO and SCV President Bob Goldberg in a statement. “We welcome all standout startups to apply to join us as we partner to propel our profession into the future.”
NAR’s venture capital arm and for-profit subsidiary Second Century Ventures runs REACH, which debuted in 2012 and has invested in more than 200 real estate-related startups. The program helps its participants tailor their products to best fit the real estate industry, provides networking opportunities with industry experts and offers exposure to NAR’s members.
SCV began expanding the accelerator beyond the U.S. in 2019, and it operates in Australia, Canada and the United Kingdom. According to NAR, the Latin American real estate industry represents nearly $1 trillion U.S. dollars “in opportunity.”
REACH Latin America will be based in two major Mexican cities: Mexico City and Monterrey. Carlos Rousseau, president of the Mexico Proptech Association, will head up the program as its managing partner. Rousseau is also the founder and former president of the multinational real estate developer and investment company Orange Investments.
“I am very excited to lead such a forward-thinking program across Latin America’s proptech ecosystem,” Rousseau said in a statement.
“This program will change how things are done in the region and open a world of opportunities for Latin America’s real estate tech startups. The 2023 class will bring firms from across the continent and the entire real estate ecosystem, with each member carefully selected to deliver improved real estate customer experiences.”
The application window for REACH Latin America (REACH LATAM) began Tuesday and ends on Feb. 28, 2023. The program’s kickoff event will take place sometime during the second quarter of next year in Mexico, and participants will graduate in the fourth quarter, according to the program’s website.
The program’s application form, which is in English, asks for basic information about the company and its founders, including how many are female, minority and/or LGBTQ+; what market and customers is the startup serving; what is the startup’s competitive advantage; what problem is it trying to solve; how much funding has it received so far; and what is its business model.
“Companies are not required to speak English to participate in the REACH Latin America program,” Rousseau told Inman in an emailed statement.
“The REACH LATAM application is provided in English on the REACH site for consistency with other programs but is also available in Spanish by request from interested program candidates.
“REACH LATAM will leverage best practices from all REACH programs, which have served entrepreneurs from over two dozen countries of origin across five continents, many of whom operate their businesses in multiple languages. The REACH LATAM team will curate program assets and event experiences in multiple languages to provide the best possible experience for program participants.”
According to NAR, REACH LATAM will focus on early to mid-stage real estate-related technology companies and offer an annual curriculum that includes “mentorship, exclusive events, network exposure, strategic planning and access to a portfolio of more than 200 like-minded, high-growth tech companies.”
“Our program is uniquely positioned to support and grow aspiring tech companies, helping them build agility and resiliency as they power innovation across real estate,” said Dave Garland, managing partner of SCV, in a statement.
“The burgeoning property technology market in Latin America is the ideal next chapter for REACH and is a vital component of our continued global expansion.”
In the past, startups that enrolled in REACH paid a marketing fee of $25,000 to Second Century Ventures and handed over equity stakes ranging from 2 to 5 percent. NAR hasn’t disclosed the cost of enrollment for more recent classes.