Back to earth for start-ups in the real estate world.
The nuggets of proptech - a contraction of property and technology - have not escaped the market downturn, a consequence of the rise in interest rates.
Buyers have disappeared due to lack of credit, and the millions of euros poured into the sector when interest rates were at rock bottom have dried up.
Money had flowed freely in 2022: 465 million euros invested in proptechs alone, according to the Xerfi research office.
“In 2023 this financing fell by 30% to 40%”
estimates Stéphane Scarella, general director of the real estate and technology fair Rent (Le Figaro group).
Investment funds or banks have not completely lifted the pen.
They continue to finance companies in the sector, but often with more limited amounts and on already profitable models.
Legal redress
For many, the market downturn sounded like the end.
The latest victim, the start-up Masteos, is a textbook case…
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