Real estate investors pushing Chicago construction and property tech in 2026

Chicago raised $3.1B in real estate and construction tech funding across 120+ deals in 2025. Most capital went to PropTech platforms and construction management software. The city has strong institutional real estate presence but fewer dedicated PropTech VCs than SF or NYC. You'll find more traditional real estate firms writing checks here than pure venture funds.

Quick list

Why Chicago for real estate fundraising

Chicago has 25+ active real estate investors but most are traditional real estate firms that moved into venture, not pure VCs. Average seed round is $2.5M, Series A is $12M. The city's massive commercial real estate presence means you'll find more corporate VCs (JLL Spark, CBRE) than typical startup hubs.

Chicago investors prefer B2B PropTech over consumer real estate apps. They want to see revenue within 12 months and clear paths to profitability. The ecosystem is conservative compared to SF - don't pitch growth-at-all-costs models here.

You won't raise late-stage capital in Chicago. Plan your Series B+ rounds in SF, NYC, or with national funds. But for seed and Series A, Chicago offers lower valuations and investors who actually understand real estate operations.

Picking the right Chicago real estate investor

Local presence: Chicago real estate investors expect quarterly in-person updates. Remote-only relationships don't work here like they do in SF. Most funds want portfolio companies within driving distance of their downtown offices.

Portfolio companies: Check if they've backed Chicago real estate deals before. Funds like Camber Creek and Building Ventures have local track records. Out-of-state funds often struggle with Chicago's regulatory environment and labor unions.

Check sizes: Seed rounds are $1-3M, Series A is $8-15M. Chicago investors write smaller checks than coastal VCs but are more likely to lead rounds. Don't expect $5M seeds here.

Local network: Chicago real estate investors can intro you to Equity Residential, JLL, and CBRE decision-makers. That's worth more than extra capital from a fund with no local connections. Lead capture tools are especially valuable because founders need to prove that interest in their content actually converts into conversations, pipeline, and revenue opportunity.

Communication: Use Ellty to share your deck with trackable links. Chicago investors are slow to respond but thorough - you'll see them reviewing your financials multiple times before first meetings.

Follow-on capacity: Most Chicago real estate funds can't lead Series B+. Ask about their co-investment relationships with coastal funds during Series A discussions. Transparent and scalable pricing plans help investors clearly understand how your revenue expands alongside enterprise customers and long-term product adoption.

How to find and approach Chicago real estate investors

Research local deals: Check Built In Chicago and Crain's Chicago Business for recent real estate tech funding announcements. Most Chicago PropTech deals don't make TechCrunch but show up in local publications.

Leverage local ecosystem: 1871 is Chicago's main tech hub and runs regular real estate tech events. MATTER focuses on healthcare real estate. Both have investor connections worth building. mHUB is strong for construction tech hardware startups.

Build relationships first: Chicago investors won't take cold emails seriously. Get warm intros through portfolio founders or accelerator directors. The city runs on Midwest relationship-building - expect 4-6 meetings before term sheets.

Share your pitch deck: Upload to Ellty and create trackable links for each Chicago investor. You'll notice local real estate VCs spend more time on unit economics slides than market size. They care about margins and customer acquisition costs.

Attend local events: PropTech Pitchfest Chicago happens twice yearly and actually leads to deals. BOMA Chicago and CCIM conferences are where institutional investors scout. Skip generic startup events and go where real estate operators gather. NAR conferences bring Chicago investors looking for residential tech.

Connect with portfolio founders: Message founders at Camber Creek and Building Ventures portfolio companies. They'll tell you which funds actually respond and which ghost after first meetings.

Organize due diligence: Set up an Ellty data room before meetings. Chicago real estate investors will request financial models, customer contracts, and regulatory compliance docs early. Have them ready in one secure place with view analytics.

Understand local pace: Chicago real estate deals take 4-6 months from first meeting to term sheet. That's slower than SF but faster than East Coast funds. Investors here move deliberately but won't string you along.

Chicago-specific considerations

Chicago real estate investors are former operators, not career VCs. They'll ask detailed questions about labor costs, permit timelines, and contractor relationships. If you haven't worked in real estate, bring an advisor who has.

The city's construction and commercial real estate networks are tight. One bad reference from a property manager or GC will kill your round. Chicago investors call their networks before first checks.

B2B PropTech gets funded easily. Consumer real estate apps struggle unless you have clear monetization. Chicago funds saw too many iBuyer and home-flipping app failures and now avoid consumer plays.

18 best real estate investors in Chicago

1. Camber Creek

One of the few pure-play PropTech VCs with strong Chicago presence and deep real estate operator networks.

• Recent Deals: VacayMyWay $18M Series B (Chicago, 2025), SmartRent $60M Series D (2024), Lane $10M Series A (Chicago, 2025)
• LinkedIn: Jake Fingert
• Sector Focus: property management software, smart building tech, vacation rental platforms, residential PropTech
• Stage Focus: Series A, Series B, Growth
• Office Location: 444 W Lake St, Chicago
• Website: cambercreek.com

2. Fifth Wall

Largest PropTech VC globally with active Chicago office and strong commercial real estate LP network.

• Recent Deals: Nested $14M Series A (Chicago, 2025), Flock Safety $150M Series E (2024), Homelight $115M Series D (2024)
• LinkedIn: Brendan Wallace
• Sector Focus: residential PropTech, commercial real estate tech, smart home, construction tech
• Stage Focus: Series A, Series B, Series C, Growth
• Office Location: 515 N State St, Chicago
• Website: fifthwall.com

3. Building Ventures

Construction tech specialists who actually understand contractor workflows and building operations.

• Recent Deals: Homebound $150M Series D (2024), Toggle $20M Series B (Chicago, 2025), Rabbet $20M Series B (2024)
• LinkedIn: Chris Mairs
• Sector Focus: construction management, contractor tech, building materials, workforce management
• Stage Focus: Seed, Series A, Series B
• Office Location: 540 W Madison St, Chicago
• Website: buildingventures.com

4. Moderne Ventures

Real estate and insurance tech focused with strong Chicago deal flow and female founder focus.

• Recent Deals: Updater $30M Series D (2024), Knock $400M+ total funding (2023), SmartZip $8M Series B (Chicago, 2024)
• LinkedIn: Constance Freedman
• Sector Focus: moving and relocation tech, home services, insurance tech, mortgage tech
• Stage Focus: Seed, Series A, Series B
• Office Location: 130 E Randolph St, Chicago
• Website: moderneventures.com

5. JLL Spark

Corporate VC arm of JLL with massive commercial real estate network and Chicago headquarters advantage.

• Recent Deals: VTS $185M Series D (2024), Skyline AI $35M Series B (2024), Clockwork $14M Series A (Chicago, 2025)
• LinkedIn: Yishai Lerner
• Sector Focus: commercial real estate platforms, office management, building automation, workplace analytics
• Stage Focus: Series A, Series B, Series C
• Office Location: 200 E Randolph Dr, Chicago
• Website: jllspark.com

6. Pritzker Group Venture Capital

Chicago's largest VC with real estate tech investments and deep local institutional connections.

• Recent Deals: Envoy $111M Series C (2024), Assurely $7M Series A (Chicago, 2025), Updater $30M Series D (2024)
• LinkedIn: Michael Lazerow
• Sector Focus: workplace tech, facility management, business services, vertical SaaS
• Stage Focus: Series A, Series B, Series C
• Office Location: 227 W Monroe St, Chicago
• Website: pritzkergroup.com/venture-capital

7. HAVAH

Residential real estate tech specialists who moved from operating rental properties to funding PropTech.

• Recent Deals: Haus $7M seed (Chicago, 2025), Alfred $20M Series B (2024), Loftium $3M seed (2024)
• LinkedIn: Zev Rosenfeld
• Sector Focus: rental property management, resident services, lease automation, property marketing
• Stage Focus: Seed, Series A
• Office Location: 205 W Randolph St, Chicago
• Website: havah.com

8. MetaProp

NYC-based but very active in Chicago PropTech with strong accelerator program and deal flow.

• Recent Deals: Rently $12M Series B (Chicago, 2025), Honest Buildings $20M Series B (2024), EquipmentShare $290M Series D (2024)
• LinkedIn: Zach Aarons
• Sector Focus: property management, construction tech, smart building, commercial real estate
• Stage Focus: Seed, Series A, Series B
• Office Location: Remote in Chicago (portfolio support from NYC)
• Website: metaprop.org

9. Tryon Capital Ventures

Healthcare and senior living real estate focus with understanding of regulatory complexity in care facilities.

• Recent Deals: HomeHero $8M Series A (Chicago, 2024), ClearCare $60M total funding (2023), Honor $140M Series E (2023)
• LinkedIn: Lewis Perkins
• Sector Focus: senior care tech, healthcare real estate, facility management, care coordination
• Stage Focus: Series A, Series B
• Office Location: 71 S Wacker Dr, Chicago
• Website: tryoncapital.com

10. MATH Venture Partners

B2B software focused but active in commercial real estate SaaS with Chicago connections.

• Recent Deals: Apto $20M Series B (Chicago, 2024), VTS $185M Series D (2024), Qualia $65M Series D (2023)
• LinkedIn: Mike Seidle
• Sector Focus: commercial real estate CRM, broker tools, transaction management, enterprise SaaS
• Stage Focus: Series A, Series B
• Office Location: 875 N Michigan Ave, Chicago
• Website: mathventurepartners.com

11. OCA Ventures

Early-stage generalist with strong PropTech track record including HomeAdvisor exit.

• Recent Deals: HomeAdvisor (exit $500M+), Tovala $30M Series B (Chicago, 2024), SpotHero $50M+ total funding
• LinkedIn: Chris Gladwin
• Sector Focus: home services, consumer real estate, marketplace platforms, smart home
• Stage Focus: Seed, Series A
• Office Location: 200 S Wacker Dr, Chicago
• Website: ocaventures.com

12. M25

Chicago's most active seed fund with 15+ PropTech investments and strong Midwest network.

• Recent Deals: Reva $4M seed (Chicago, 2025), Tovala $30M Series B (2024), Cameo $100M Series C (2024)
• LinkedIn: Victor Gutwein
• Sector Focus: early-stage PropTech, construction tech, facility management, B2B SaaS
• Stage Focus: Seed, Pre-seed
• Office Location: 455 N Cityfront Plaza Dr, Chicago
• Website: m25.vc

13. Hyde Park Angels

Chicago's largest and most active angel group with dedicated real estate tech investors.

• Recent Deals: SpotHero $50M+ total funding, Tovala $30M Series B (2024), Fooda $47M+ total funding (Chicago)
• LinkedIn: Ira Weiss
• Sector Focus: early-stage real estate tech, home services, property management, consumer platforms
• Stage Focus: Seed, Pre-seed
• Office Location: 5235 S Harper Ave, Chicago
• Website: hydeparkangels.com

14. Chicago Ventures

Early-stage fund with consumer and marketplace focus including real estate and home services.

• Recent Deals: Tovala $30M Series B (Chicago, 2024), Fooda $47M total funding (Chicago), Homebot $14M Series B (2024)
• LinkedIn: Matt McCall
• Sector Focus: consumer PropTech, home services, smart home, marketplace platforms
• Stage Focus: Seed, Series A
• Office Location: 444 N Wabash Ave, Chicago
• Website: chicagoventures.com

15. Mucker Capital

LA-based but regular Chicago real estate tech investor with strong marketplace expertise.

• Recent Deals: Zego $20M Series B (Chicago, 2024), Trustwork $6M seed (2024), Steady $15M Series B (2024)
• LinkedIn: Will Hsu
• Sector Focus: property insurance, renter services, flexible work, gig economy platforms
• Stage Focus: Seed, Series A
• Office Location: Remote (invests from LA in Chicago deals)
• Website: muckercapital.com

16. GreatPoint Ventures

Boston-based growth equity with Chicago PropTech portfolio including VergeSense office analytics.

• Recent Deals: VergeSense $23M Series B (Chicago, 2024), Flowspace $31M Series B (2024), Raiven $10M Series A (2024)
• LinkedIn: Peter Gotcher
• Sector Focus: workplace analytics, office management, logistics tech, supply chain
• Stage Focus: Series B, Series C, Growth
• Office Location: Remote (Boston-based, Chicago investments)
• Website: greatpointventures.com

17. Revolution Ventures

DC-based with Chicago investments in location data and real estate analytics companies.

• Recent Deals: Gravy Analytics $14M Series B (Chicago, 2024), Homesnap $15M Series C (2024), SmartRent $60M Series D (2024)
• LinkedIn: David Hall
• Sector Focus: location intelligence, real estate data, property analytics, mapping tech
• Stage Focus: Series A, Series B
• Office Location: Remote (DC-based, Chicago portfolio)
• Website: revolution.com/ventures

18. Riverpark Ventures

Chicago early-stage fund with specific focus on construction and building operations technology.

• Recent Deals: BuildOps $42M Series B (2024), Toggle $20M Series B (Chicago, 2025), Procore $50M+ total funding
• LinkedIn: Murat Bicer
• Sector Focus: construction management, contractor software, building maintenance, field service
• Stage Focus: Seed, Series A
• Office Location: 350 N Orleans St, Chicago
• Website: riverparkventures.com

Start tracking your Chicago real estate investor outreach

These 18 investors closed Chicago real estate deals in 2025-2026. Before reaching out to local funds, set up proper tracking so you know who's actually interested.

Upload your deck to Ellty and create a unique link for each Chicago investor. You'll see exactly which slides they review and how long they spend on your construction costs or unit economics. Chicago real estate VCs care less about TAM slides and more about your margins and customer contracts. Track which sections get attention.

When Chicago investors ask for financials or customer lists, share an Ellty data room instead of email attachments. Your cap table, financial model, permit documentation, and contractor agreements in one secure place with view analytics. You'll know when they're in serious diligence mode.

Common questions

Do I need to be based in Chicago to raise from Chicago real estate investors?

Most Chicago real estate funds prefer local companies or founders willing to relocate. Remote teams struggle here - investors want quarterly in-person meetings and access to their real estate networks. If you're raising from Chicago, plan to spend significant time in the city.

How does Chicago compare to SF or NYC for real estate fundraising?

Chicago has fewer pure PropTech VCs but more traditional real estate firms writing checks. Average valuations are 30-40% lower than SF but investors are more operationally helpful. You won't find growth capital here - plan Series B+ rounds on the coasts. Chicago is best for seed and Series A if you're building B2B real estate tech.

What's the average seed round size for real estate startups in Chicago?

Seed rounds are $1.5-3M, smaller than SF but with lower dilution. Chicago investors typically lead with $1-2M checks and expect other local angels to fill out the round. Don't expect $5M seeds unless you have strong revenue traction.

Should I raise from Chicago investors or go straight to SF/NYC?

If you're building B2B PropTech with revenue and need real estate operator expertise, Chicago is worth your time. If you're pre-revenue consumer real estate tech, skip Chicago and go to SF. Chicago investors won't fund speculative consumer plays anymore after the iBuyer crash.

Do Chicago real estate investors expect in-person meetings?

Yes. Chicago runs on relationship-building and investors won't fund teams they've only met on Zoom. Budget for monthly trips if you're not local. The upside is once they commit, Chicago investors are highly engaged and make valuable intros to real estate operators.

What industries get funded most in Chicago real estate?

Construction management software, commercial real estate platforms, property management tools, and workplace tech get funded easily. Residential consumer apps struggle unless you have clear monetization. Chicago investors prefer B2B SaaS models over marketplaces.

How long does it take to close a round with Chicago real estate investors?

Expect 4-6 months from first meeting to signed term sheet. Chicago investors move deliberately and do thorough diligence on your real estate partnerships and regulatory compliance. They won't rush, but they also won't ghost you like some SF funds do.