Things are pretty grim in real estate, but that could be a good thing for proptech startups in the long run
Happy Friday! Dan DeFrancesco in NYC, and I'm feeling inspired after watching this video of a bouncer disarming a devil-masked gunman trying to force his way into a Tampa strip club.
Fun fact of the day: Cleopatra (VII) was born closer to the launch of the first iPhone than to the completion of the Great Pyramid.
But first, it's a fixer-upper...but it's got a great set of bones.
Of the many casualties of 2022, startups focusing on the real-estate market were some of the biggest.
As the real-estate market dried up, thanks to rising interest rates, these companies that were meant to upend the industry through tech and innovation suddenly took a backseat. Investments into property-technology, or proptechs, startups dropped by 40% in 2022, compared with the year prior.
But, as "Game of Thrones" fans can attest to, "What is dead may never die, but rises again harder and stronger."
That's why it's worth checking out this list of 26 of the hottest proptechs of 2023 compiled by Insider's real-estate and climate teams.
The list, which was based on recommendations from venture capitalists, provides some interesting color on where the industry still sees promise despite being in the midst of a market drought.
And while current conditions aren't ideal for proptech startups, that could actually benefit them in the long run. Being able to weather the storm, or even find success, while other firms struggle could help a startup to really excel when the market eventually (hopefully) shifts.
In other news:
2. Block falls like a brick. Short-seller Hindenburg Research released an investigation alleging Jack Dorsey's Block has misled investors with inflated metrics for its consumer-facing Cash App. Block's stock dropped 15% on Thursday as a result. More on Hindenburg's investigation here. And if you're looking for the highlights from the report, here are four of the biggest claims made by the short-seller.
3. Next up: Deutsche Bank. The German bank's shares plunged on Friday as the banking madness rolled on. Deutsche's credit default swaps, which act as insurance against default, had surged on Thursday night. Get the full story.
4. I don't get no respect! Wanna know the toughest job in banking? The person tasked with telling firms to take less risks, even if means they won't make as much money. The Wall Street Journal has a fascinating look at the role of chief risk officer, a position Silicon Valley Bank didn't fill for much of 2022. Oops. Read more here.
5. Generation Charge It. Gen Z is in the unfortunate position of racking up debt while simultaneously falling behind on payments faster than any of their predecessors. More on why Gen Z's personal finances are headed in the wrong direction.
6. If you run a nonprofit, MacKenzie Scott would like to hear from you. Jeff Bezos' ex-wife has a $250 million pot of cash she's looking to donate. Scott's organization, Yield Giving, put out an "open call" for non-profits to make the case for receiving a donation. Here's more on Scott's plans.
8. More bad news if you're looking to buy a house. I gave you the half-full perspective, but here's a counter argument from someone much smarter than me. A top homebuilder CEO said it'll be tough to make a "big dent" in the current housing shortage "over the next several years." This is why he's so pessimistic.
9. It's more than a game. Some of the top VCs focused on sports told us they're keen to make some deals with their new funds. Here's a rundown on where four top venture capitalists in the space are looking to make investments.
10. Some advice for not pissing off your flight attendant. There's been lots of discourse this year on airplane etiquette. Listen to the professionals, and follow this advice of a veteran flight attendant on what to do before, during, and after your flight. More here.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email email@example.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Nathan Rennolds (tweet @ncrennolds) in London.
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