Moderne Ventures has closed its new fund at $200 million. The Chicago-based venture firm is focused on early stage investments in and around the real estate, finance, insurance and home services industries.
August 3, 2021 Chicago, IL — Moderne Ventures, an early-stage venture capital firm investing in technology companies innovating multi-trillion dollar markets like real estate, finance, insurance and home services, announced today that it closed on an oversubscribed $200 million fund, bringing the firm’s total assets under management to nearly $350 million. Founder and Managing Partner, Constance Freedman, led her first fund in 2008 following the financial crisis where she made investments in blockbusters like DocuSign (NASDAQ: DOCU), August and Updater. In 2015, she launched Moderne Ventures, which identifies and invests in cutting-edge technology companies that are modernizing highly-regulated multi-trillion dollar industries that are primed for digital transformation.
Moderne’s key markets represent 20%+ of the U.S. Gross Domestic Product (GDP) and spend billions of dollars annually on marketing, technology and business services.
Moderne Ventures, led by Constance Freedman and Partner, Liza Benson, is recognized for taking a vertical approach to generalist venture investing. Moderne invests in best-in-class technologies and innovations from any industry and helps them expand their market footprints by creating new entry points into Moderne’s multi-trillion dollar verticals, creating customers for companies, business solutions for industry partners and outsized returns for investors.
To date, Moderne Ventures has delivered top decile returns with investments in more than 100 companies, including five unicorns, three IPOs (+ two pending) and dozens of accretive financing events over this past year alone. Notable investments in Moderne Ventures’ Funds include: ICON, Porch [NASDAQ: PRCH] , Better Mortgage, Hippo Insurance, Homesnap (acquired by Costar), Motorefi, Super, Easyknock, and Kaiyo.
Moderne’s newest Fund includes new and returning high profile strategic partners like AvalonBay Communities (NYSE: AVB), Camden Property Trust (NYSE: CPT), a subsidiary of Essent Group Ltd. (NYSE: ESNT), Greystar, JBG SMITH (NYSE: JBGS), Leading Real Estate Companies of the World®, funds managed by Oaktree Capital Management, L.P., and Realogy (NYSE: RLGY).
“We believe technology is the future to developing sustainable buildings, driving positive experiences for our residents and best-in-class service for our clients,” said Bob Faith, CEO of Greystar, the global leader in rental housing. “We partnered with Moderne Ventures so we can have the first look at and an opportunity to work with emerging tech companies both outside and inside the industry which enables us to continue to best serve our constituents, evolve as an organization and remain leaders in the industry.”
Moderne runs an industry immersion program, the Moderne Passport, alongside its Fund which helps to connect startups with more than 700 industry executives and corporate partners within the Moderne Network bringing value to both its portfolio companies and the industry which can benefit from their services.
“We spend our time with corporate industry partners to understand the gaps, opportunities and challenges they are facing and look for technologies that can provide solutions to fill them,” said Freedman. “The Fund and the Moderne Passport Program often brings companies from outside the industry into it and creates opportunities for startup technologies ranging from enterprise SaaS companies to AI platforms and Robotics to enter our markets and help transform them.”
Moderne’s unique approach is valued by both strategic investors and financial LPs, as evidenced by the strong investor demand for the fund.
“Amidst a dynamic and changing housing market, Realogy is focused on delivering flexible, seamless, and smart solutions for our affiliated agents, franchise owners, and customers,” said Simon Chen, Executive Vice President, Realogy Product and Innovation. “Partnering with the best minds in real estate enables us to stay at the forefront of the industry, and Moderne’s unique fund strategy showcases the very best of venture capital, emerging technology, and innovation. As one of the original anchors in Moderne’s previous fund, we are thrilled to once again partner for its newest fund.”
Moderne looks for the best technologies that are able to scale and opens up large new markets for them.
According to Benson, “Our oversubscribed fund is a clear indication that Moderne’s vertical approach to venture investing resonates with both investors and the industries we serve. We’re also proud to welcome fund investments from five of Moderne’s portfolio company executives which clearly illustrates the synergistic value Moderne helps bring to both the industry and our portfolio companies.”
About Moderne Ventures
Moderne Ventures is a Chicago-based venture capital firm focused on early stage investments in and around the real estate, finance, insurance and home services industries. The Firm also runs the Moderne Passport, an industry immersion and customer acceleration program that bridges connections between technology companies of all stages and and industry leading corporations looking to build and implement a competitive advantage through innovation. Through its proprietary Network of more than 700 corporations and senior executives, Moderne provides its portfolio companies guidance, potential for capital and a chance to form business relationships with some of the most prominent companies in the world. For more information please visit, https://www.moderneventures.com/.