Moderne Ventures Announces Newest Passport Class

Nine Early-Stage Companies to Undergo Six-Month Industry Immersion Program to Position Them For Growth

 Moderne Ventures, a venture capital firm investing in early-stage technology companies that are innovating multi-trillion dollar markets including real estate, finance, insurance and home services, today announced its fourteenth class, surpassing 100 companies in the program to date.

The Moderne Passport is a six-month industry immersion program that helps companies refine and execute their go-to-market strategies and connect with industry executives from the Moderne Network™ – over 700 corporations and executives from market leading companies that provide mentorship, pilot opportunities and even investment and acquisition potential for participants.

The new set of companies covers a wide range of sectors including digital identity solutions, ai solutions, and tech enabled services that provide solutions across real estate, financial services and clean energy. The Class has collectively raised over $82M and with aggregate valuations surpassing $250M. 

This year’s companies include:

• Airside (https://airsidemobile.com/) – Herndon, VA: Reduce fraud and speed transactions with identity proofing that is faster, easier, and more private. Airside provides trusted real-time digital-identity solutions used by millions of people to breeze through airport security checkpoints, expedite real estate processes, and more.

• Audience Town (https://www.audiencetown.com/) – Newark, NJ: Audience Town has built the only all-inclusive advertising platform for real estate. From finding the best audience through targeting and data, to media buying, reporting and analytics – Audience Town helps real estate marketers navigate the increasingly complex world of digital advertising.

• CentralF (http://centralf.com/) – San Francisco, CA: Managing the ever-growing distributed workforce: CentralF uses people and facilities' data-driven insights to automate distributed workforces management in one place with scheduling, hoteling (hot-desking), KPI management, employee experience, and more.

• Key (https://lifeatkey.com/) – Toronto, CA: Own real estate. Not a mortgage: Key's co-ownership platform makes homeownership attainable debt free and with only 2.5% down. Key’s patent-pending platform is fully digital and provides a process so streamlined that interested owner-residents can sign up from their phone in 15 minutes.

• LiftUp (https://liftupchicago.org/) – Chicago, IL: Bridging the wealth gap: LiftUp harnesses underemployed talent to provide commercial cleaning, painting, landscaping, pest control, graphic design services and more- do well by doing good using LiftUp talent.

• Solstice (https://solstice.us/) -- Cambridge, MA: Solstice’s platform connects households and businesses to community solar farms and manages the customer experience, giving communities guaranteed clean energy savings without any upfront costs or rooftop installation.

• TrustLayer (https://trustlayer.io/) – San Francisco, CA: TrustLayer is building the future of insurance verification. Insurance is all about coverage. TrustLayer connects all stakeholders in the insurance life cycle with the automated infrastructure to establish and maintain trust that the right coverage is in place.

• Vengo (https://vengolabs.com/) – Bethpage, NY: Turn one square foot of space into a valuable amenity that engages residents and tenants with relevant content and products where they live and work while providing property owners/managers effortless incremental revenue.

• Xeal (https://xealenergy.com/) – Los Angeles, CA: the electric car revolution is coming. Xeal provides bleeding edge EV charging technology for residential and commercial property owners.

“Entrepreneurs continue to provide next-level solutions to our industry’s toughest challenges, whether it be mitigating fraud, improving analytics and advertising, bridging the wealth gap, helping consumers enter the real estate market sooner, managing workflow or solving for ESG pain points,” said Constance Freedman, Founder and Managing Partner of Moderne Ventures. “Moderne is pleased to welcome nine incredible, innovative firms and their founders.”

Moderne Ventures will showcase the new Passport companies at its upcoming Demo Day.

Moderne Ventures Launches Oversubscribed $200M Fund!

Moderne Ventures’ Unique Vertical Approach Resonates with Investors, Secures $200M for Second Fund

Moderne's Second Fund Exceeds Cap and Reaches 4X the Size of its First Institutional Fund

Moderne Ventures Invests in Technology Companies Serving Real Estate, Finance, Insurance and Home Services Markets

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/.

Moderne Ventures Newsletter

Dear Friends:
Without question this has been a year of changes - resilience, customer focus, and operational excellence have emerged as major themes across our industries. This past year the Moderne portfolio created 6 exits, including 3 IPOs, 4 unicorns and 11 accretive financing events. We are so proud of our portfolio making waves and doing its part in creating significant value for their customers and the industry.

We are also excited to announce that we are now taking applications for our 2021 Midyear Passport Class and adding to our team at Moderne. Please apply or pass on amazing referrals!

Keep reading for details and as always, please reach out, we enjoy hearing from you!

Moderne Companies in the News

• Better - Better announced plans to go public in SPAC merger at $7Bn valuation. The surge in mortgage refinancing in the last year due to historically low interest rates resulted in a significant spike in Better's loan volume.

• Hippo - Hippo announced plans to go public in SPAC merger with Reinvent Technology Partners Z at a $5Bn valuation. Hippo is transforming the home insurance industry, as they created the first vertically integrated, end-to-end home protection and insurance platform.

• MotoRefi - Goldman Sachs leads $45M investment into auto fintech startup MotoRefi. MotoRefi is doing to auto refinancing what Better did to mortgages and Hippo to insurance - completely automating and digitizing auto refinancing, saving consumers $1200 / year on average and providing significant ancillary income for referrals.

• Kaiyo - Online furniture marketplace, Kaiyo, raises $5M to fuel growth. Moderne is proud to have led the Series A round for Kaiyo, a full-service marketplace for gently used furniture committed to great design, exceptional customer care, and a more sustainable planet.

• Super - Super raises $50M to cover home repairs and maintenance via a subscription model. Led by awesome strategics like Wells Fargo, Super is now expanding nationwide.

• ICON - ICON unveiled its next-gen 3D printer and introduced "House Zero" designed by Lake|Flato Architects. ICON's new designs highlight the benefits of resiliency and sustainability only found in homebuilding through 3D printing.

• Vyv - Vyv announced groundbreaking inactivation and killing of viruses (including SARS) with its UV-free antimicrobial light technology. The implications of this advancement are vast given that Vyv's technology can be used safely and continuously around people, animals, and plants.

• Hello Alfred - Property management startup Alfred buys HoM. We love it when one Moderne Ventures company buys another Moderne Ventures company!

2021 II Passport Class Applications

The Moderne Passport Program is a stage agnostic industry immersion program which connects cutting edge technology companies to multi-trillion dollar industries: real estate, finance, insurance, home services, and hospitality. These industries are ripe for innovation and growth.

Do you know a company that would be a great fit for the Passport Program? The Moderne team is reviewing applications now for its 2021 Midyear Passport Class that begins in August. Encourage stellar companies to apply!

Deadline to Apply is July 15, 2021: Apply here.

The Moderne Team is Growing!

With so much going on we are looking to add to our A team! We are hiring for the roles listed below and would welcome any referrals. See here for more details and feel free to share the opportunities with your broader network.

• Passport Director - Moderne is hiring a maven, a maverick, a builder, a connector - an executive in the real estate space who will help our companies drive value for the industry and help our Corporate Partners maximize their benefits from using new technology and innovation. The ideal candidate has pre-existing relationships in the multifamily real estate/tech or other peripheral industries.

• Investment Principal - Moderne is seeking an experienced Investment Principal with previous senior-level experience at a top-tier Venture Capital fund or Growth Equity firm. The ideal candidate has meaningful and broad existing connections within the venture capital and early-stage startup ecosystem as well as a proven track record of sourcing, structuring, evaluating and closing successful investments.

Best,
The Moderne Team