An influential investor in British real estate agency, Purplebricks, has teamed up with an an arm of the Porsche company, to start a proptech service called REAL.
The German publishing group Axel Springer in 2017 put £125 million into Purplebricks, and last year worked with the hybrid to acquire German online agency Homeday.
Now the REAL service has been announced as working alongside AVIV - Axel Springer’s real estate investment arm which was behind the Purplebricks and Homeday activities, as well as owner classified property and other listings services in Germany, France, Belgium and Israel.
A statement from the company says: “REAL focuses on business models around property search, real-estate agent tools, property and facility management, home services, co-living, co-working, and smart home.”
REAL - which itself, confusingly, has an investment arm known as APX with financial backing from Porsche - is now looking for proptech start ups to champion and invest in.
It offers investments of up to €50,000 in return for five per cent of equity.
Start-ups will also receive mentoring and coaching from leading real estate classifieds and propech players of AVIV Group.
Read more here