Zach Aarons and Aaron Block

That beautiful reality means that MetaProp can often help set the parameters of a vertical of proptech altogether, as it’s often the first VC to invest in a particular service area or startup. Its stable of companies that it’s either invested in or partnered with — often both — runs deeply into essentially every aspect of commercial real estate. At this point, MetaProp’s partners cover 20 billion-plus square feet across every asset class, according to the company. 

And it’s always looking for more investments and partners. 

“We’re kind of the discovery engine for the industry,” Aaron Block said. “Most roads — I can’t say all — most roads lead through us. And that viewpoint of being able to see so broadly and so deeply has a tremendous value for us as investors, but it also has a tremendous value for the folks who invest with us in our partners and our ecosystem.” 

As for proptech generally, MetaProp’s founders are bullish, whatever the overall state of commercial real estate. (Speaking of bulls and bears, MetaProp also produces proptech’smost watched gauge of investor and startup confidence.) 

“With the exception of the residential transaction stuff,” Block said, “there’s way less correlation between the real estate market cycles and the proptech companies’ commercial success than almost anyone predicted. It even surprised me the level of success that these portfolio companies are achieving in sales, growth, new customers, and retention of existing customers in a really crappy real estate environment.”

Besides, if things ever do slow considerably in the U.S., much of the rest of the globe remains open to conquest. That’s especially true for verticals aimed at specific real estate workflows.

“I would say we’re almost saturated with that in the United States,” Block said, “but globally that game has just begun.”