Thesis Driven Leader Series Era Ventures' Clelia Peters on Real Estate Tech and the Investment Landscape
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Apr 6, 2025 Clelia Peters, Founder and Managing Partner of Era Ventures and a pioneer in proptech investing, shares her unique insights from managing a family brokerage to founding her own venture firm. She discusses her unorthodox investment strategies, emphasizing hard assets over software solutions. The conversation explores the challenges of real estate technology, the emotional significance of home ownership, and the evolving market dynamics in the residential brokerage sector. Peters also highlights upcoming trends in PropTech and the importance of sustainability in real estate.
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Focus on Replacement and Transformation
- Clelia Peters prefers investing in replacement and transformation innovations over enablement tools.
- She is relatively bearish on enablement of the existing real estate industry.
Challenges Selling Tech to Incumbents
- Selling tech into the incumbent real estate industry is very hard due to its diversity and tech buying immaturity.
- Most enablement-focused PropTech businesses stall around $10-$15 million ARR due to tough sales motions.
Backing Physical Asset Models
- Clelia Peters backs companies owning physical assets, seeing them as part of replacement and transformation.
- She identifies six core PropTech business models: SaaS, fintech, marketplaces, hard tech/robotics, propco-opco, and tech-enabled services.