Alate Partners, a Toronto-based property technology (proptech) company, has launched with $40 Million in seed financing. The initial financing round was the result of Alate Partner’s incubation with Dream, a real estate enterprise, and Relay Ventures, a leading Canadian early-stage venture firm.
Alate is working with innovative companies in the growing real estate market to help facilitate the creation of technologies that enhance the real estate industry. Alate’s goal is to assist entrepreneurs and organizations that are rethinking the real estate industry from design to development to management.
Dream and Relay Ventures have partnered to not only finance Alate, but to provide real estate and technology expertise to guide the company’s strategy.
“We have extensive experience investing in and supporting the growth of early-stage tech companies. But we also recognize the tremendous potential for those technologies designed specifically for the real estate market,” said John Albright, co-founder and Managing Partner of Relay Ventures. “By partnering with Dream, and other real estate partners, we are bringing together our extensive knowledge and expertise in the technology sector with one of Canada’s leading real estate companies with a global scope of expertise that includes residential and commercial property development and management.”
Dream will also be testing the proptech solutions and technology that Alate Partners develops, and implementing successful technologies in their own operations.
“Alate will support proptech companies and offer select innovators in this market an opportunity to validate their compelling technologies and products across Dream’s large and diverse commercial, residential, and industrial real estate portfolio,” said Michael J. Cooper, President and Chief Responsible Officer at Dream.
Alate has launched at the right moment, with the Canadian property technology market growing rapidly. Earlier this year, Colliers and Techstars launched a proptech accelerator that is sure to bring a wave of new technologies to the market.