Group 1 - Proptech venture capital funding in 2025 is characterized by cautious expectations due to constrained exits, higher interest rates, and tighter underwriting, despite exceeding pre-pandemic levels [3][7] - Investment in proptech reached $16.7 billion globally in 2025, marking a 67.9% year-over-year increase from 2024 and surpassing the pre-pandemic investment level of approximately $14 billion in 2019 [7] - Investors are focusing on companies with strong fundamentals, clear product-market fit, and proven customer retention, leading to increased pressure on startups from the 2021-2022 cycle that lack these attributes [6][7] Group 2 - The U.S. multifamily sector is experiencing property-level issues with banks and troubled borrowers, which is impacting proptech spending [4] - There is an expectation for more selective funding in multifamily proptech in 2026, with a focus on platforms that deliver immediate, measurable impact [5][6] - Last year's investment activity was dominated by a small number of large transactions, with a strong performance in seed and Series A funding as the market emphasizes capital efficiency and alignment with real-asset economics [7]