Portfolio Update - April 2021

Insights from the Top

As the pandemic eases in the United States, Americans are anticipating a return to normalcy. But what will that really look like?  

As Constance Freedman, Moderne Ventures Founder and Managing Partner states, “employers are facing the reality that virtual work, in some form, is here to stay as the work/play/live overlap continues to increase. As such, industries must remain responsive and highly adaptive to this change and Moderne supports our corporate partners in pioneering these technological advances.”

Here’s what is happening across the MV ecosystem this month:

All Things SPAC

In April, Freedman spoke with Matt Ehrlichman the CEO & Founder of Porch, the vertical software platform for the home. The two discuss Ehrlichman’s entrepreneurial journey and his experience taking a company public via a SPAC merger. 

Announcing the Newest Passport Class

In April, Moderne Ventures’ was pleased to announce its 2021 Passport Class: JoyHub, Kaiyo, Peek, Piñata, MotoRefi, Tailorbird and Trash Butler which have raised over $32M in funding with collective valuations north of $230M. On April 29, hundreds of participants tuned in to hear directly from the founders at Innovation Day. 

Fund Performance

Fintech disruptor Better, one of Modernes’ portfolio companies and one of the fastest growing home ownership startups in the country, secured a $500 million investment from SoftBank, valuing the company at $6 billion.

Insurance startup Hippo announced plans to go public via SPAC at a $5 billion valuation in March. WSJ covered the announcement. 

Let’s Connect

Find Moderne online at Twitter and Instagram and on LinkedIn.

The Moderne Story

In 2008, the housing market was in freefall. Prices collapsed overnight, borrowers were underwater on their mortgages, and whole communities emptied out. It was a difficult time to accomplish anything in real estate, but a critical moment for the origins of Moderne Ventures. 

It was during this time that Founder and Managing Partner, Constance Freedman, saw the real opportunity for innovation-driven change in an industry that desperately needed an overhaul (and that makes up a crucial 20% of US GDP.) 

Now, over a decade later, Modernes’ unique “outside-in” approach through its three-tiered ecosystem continues to bring customers to its companies, and value to the markets, all while staying ahead of the curve as wave after wave of technological advancements’ progress. Well known for our innovative approach to bringing customers to our companies, today Modernes’ reach also extends to the fintech, insurtech, home services and hospitality industries.

Its early stage Venture Fund has delivered top decile returns, investing in over 100 companies, including 5 unicorns, 3 IPOs (+2 pending) and 11 exits. 

The team is a critical part of Moderne’s success with industry experts in each RE vertical. Founder Constance Freedman has invested in almost 100 companies and actively partners with hundreds of industry executives and corporations to help build strategic value and scale. 

Moderne Ventures’ Passport Program, a seven month industry immersion program, focuses on customer acquisition and growth by helping companies refine and execute their go-to-market strategies, and strengthen industry connections with members of the 700+ member strong Moderne Network™. 

As the global pandemic eases and a return to normalcy is on the horizon in the US, now is another critical moment for the industry to examine the future of how we’ll live and work.