Second Century Ventures Acquires Assets from Elmspring, Expands REach® Accelerator Program
WASHINGTON, Dec. 18, 2018 /PRNewswire/ -- Second Century Ventures, the National Association of Realtors®' strategic investment arm has acquired certain assets of the Elmspring accelerator, a venture accelerator founded in 2014 by Adam Freeman and Tom Bretz, that invests in technology startups who aim to disrupt the real estate and housing industry.
SCV's REach® Accelerator group will leverage Elmspring's exceptional network of real estate and housing industry professionals, investors, mentors, and strategic partners to accelerate innovators in the commercial real estate field and will open applications in early 2019 for a commercial- focused accelerator class.
"The acquisition of these particular Elmspring assets was a priority for NAR and Second Century Ventures to further source the best technology for our members," said NAR CEO Bob Goldberg. "Bringing Elmspring into the REach® accelerator program will further NAR's vision outlined at the iOi conference and create a dynamic, competitive real estate market that will help NAR advance our members-first mission for years to come. Thanks to the foundation built by Adam and Tom, the Elmspring network will help further increase the depth of the REach® accelerator portfolio with its first commercial class."
"Adam Freeman, Kim Kleeman and I are extremely proud of starting the first seed stage real estate accelerator in the country. We now feel the time has come to hand off this successful program to NAR who can take it to the next level. We will continue to be involved as sponsors and mentors and look forward to watching the program grow," said Elmspring founder and Elmdale Partner CEO Tom Bretz.
Elmdale Partners, LLC, a multi-faceted real estate platform, was founded in 2010 by entrepreneurs Thomas Bretz and Adam Freeman as a real estate acquisition and real estate services firm. Elmdale's unique real estate platform includes commercial and residential real estate, investments, brokerage, property management, title insurance, and commercial financing and development. Among other prominent accolades, Elmdale recently earned a spot in the top ten of Crain's 2018 Fast Fifty Companies.
REach® is a unique strategic accelerator created by Second Century Ventures, an early-stage technology fund, backed by the National Association of Realtors®, which leverages the association's 1.3 million members and an unparalleled network of executives within real estate and adjacent industries. The REach® Accelerator program helps technology companies launch into the real estate vertical and its adjacent markets.
The 9-month program provides education, mentorship and market exposure, and accepts fewer than a dozen companies each year to access one of the world's largest industries. For more on REach®, visit www.narreach.com and to sign up for the latest updates, including notification of 2019 commercial focused class application openings, visit www.narreach.com/learn-more.
The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
SOURCE National Association of Realtors
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