Real estate and proptech VCs actively investing in Seattle in 2026

Seattle closed $620M across 38 real estate tech deals in 2025. Most capital went to property management software and transaction platforms. The city is home to Zillow, Redfin, and Opendoor, which means local investors understand proptech better than most markets. You won't get funded here with consumer rental apps - Seattle VCs want B2B software that sells to landlords, property managers, and brokers.

Quick list

Why Seattle for real estate fundraising

Seattle sits between major coastal proptech markets with lower competition than SF or NYC. Average Series A for real estate tech is $8-15M, which is reasonable for companies with early traction. The Zillow, Redfin, and Opendoor presence means deep bench of people who've scaled proptech before.

Local investors understand the difference between consumer real estate apps that burn cash and B2B software that actually makes money. Most Seattle proptech deals go to property management platforms, transaction software, and commercial real estate tools. Consumer rental marketplaces don't get funded here unless you have serious revenue.

Competition is moderate. Seattle has fewer proptech-focused VCs than SF but more than most markets. If you're building residential property management software, you'll compete with 5-10 other companies for attention. Commercial real estate tools face less competition. Most rounds close in 3-4 months once investors see product-market fit and early customer revenue.

Picking the right Seattle real estate investor

Local presence: Seattle real estate investors prefer local founders who understand the Pacific Northwest market. The Zillow and Redfin networks are relationship-driven. Remote founders can raise but expect to explain why Seattle rather than staying in SF or NYC where most proptech capital lives.

Portfolio companies: Check if they've funded real estate tech before. Madrona backed Redfin and understands consumer real estate. Fifth Wall specializes in proptech across all stages. Moderne Ventures focuses on residential technology. Flying Fish looks at AI applications including property analytics.

Check sizes: Seattle seed rounds for proptech run $1-3M. Series A typically $8-15M. Series B can reach $20-40M for companies with proven revenue. These numbers are lower than SF because Seattle investors want to see revenue before big checks. Consumer real estate apps need $5M+ ARR for Series B. Something as straightforward as password-protecting PPT files can make a real difference when sharing confidential materials.

Local network: Seattle investors introduce you to Zillow, Redfin, and local property management companies for customer development. This matters more than you think - most proptech needs design partners from established real estate companies to validate product direction. Madrona and Founders' Co-op both offer direct intros. Lead capture becomes critical in Seattle's competitive scene because founders need proof that interest translates into real investor conversations and pipeline.

Communication: Share your deck through Ellty trackable links before meetings. Seattle proptech investors typically review decks within 48-72 hours. You'll see which slides they spend time on - most focus heavily on business model and customer acquisition costs rather than market size, since they know real estate TAM is huge.

Follow-on capacity: Most Seattle real estate investors have capital for Series A but not growth rounds. Madrona can lead through Series B. Moderne Ventures and Fifth Wall have larger funds for later stages. Plan to bring in growth investors from SF or NYC for Series C. Local funds don't have $50M+ checks for proptech. Consistent communication through investor update software helps founders maintain momentum with VCs, especially when decisions take time.

How to find and approach Seattle real estate investors

Research local deals: Check GeekWire's funding tracker for Seattle proptech deals. Follow Madrona's blog for their real estate investment thesis. Track Fifth Wall's announcements since they're most active in proptech. Most Seattle real estate deals get covered locally before hitting Crunchbase.

Leverage local ecosystem: Join Techstars Seattle if you're pre-seed. University of Washington's CoMotion Labs helps technical founders. Most Seattle proptech founders either came through accelerators or worked at Zillow, Redfin, or Opendoor first. That's your network.

Build relationships first: Seattle real estate investors take 4-6 meetings before term sheets. That's slower than SF but normal for the market. Attend Madrona's portfolio events. Show up to local proptech meetups. Most Seattle VCs want to see you're committed to building here before they invest.

Share your pitch deck: Upload to Ellty and create unique tracking links for each investor. You'll know within days which VCs actually reviewed your customer acquisition costs and unit economics. Seattle proptech investors dig deep into CAC payback period - if they don't spend time on your economics slides, they're not seriously evaluating.

Attend local events: Seattle Tech Week in June brings every local VC together. GeekWire Summit in October. Inman Connect runs sessions on proptech. Skip generic startup events - Seattle real estate investors only show up where proptech companies actually pitch.

Connect with portfolio founders: Most Seattle proptech founders will take calls if you're serious. Email RentSpree, Endpoint, or other recent portfolio companies. Ask them which investors actually helped with customer intros versus which ones just wanted board seats and options.

Organize due diligence: Set up an Ellty data room before first meetings. Seattle investors move moderately fast once they decide. Include customer contracts, retention data, CAC payback calculations, and competitive analysis. Real estate investors want to see your sales cycle length and implementation timeline.

Understand local pace: Seattle moves at moderate speed. Expect 8-12 weeks from first meeting to term sheet for Series A. Series B can take 12-16 weeks. The diligence focuses on unit economics and customer retention. Investors want to see negative churn or at least 90%+ net dollar retention.

Seattle-specific considerations for real estate tech

Seattle investors expect you to understand residential real estate business models. They assume you've worked at Zillow, Redfin, or a property management company and know how these businesses actually make money. If you haven't, you'll spend extra time proving you understand landlord economics or broker commission structures.

Competition for Series A proptech deals is moderate. Expect term sheets at $30-50M post-money valuations if you have $1-2M ARR and 100%+ net dollar retention. Lower than SF but higher than most markets. Seattle investors won't overpay for proptech just because it's a hot category.

Most Seattle real estate VCs want quarterly board meetings but don't require in-person attendance like cloud infrastructure investors do. Remote participation is common. The trade-off is less direct access to Zillow and Redfin networks compared to being physically present.

15 top real estate investors in Seattle

1. Madrona Venture Group

Madrona backed Redfin pre-IPO and has funded Seattle proptech companies for decades - they actually understand real estate business models unlike most VCs.

• Recent Deals: Multiple Seattle real estate tech investments, deep portfolio in local ecosystem
• LinkedIn: Tim Porter LinkedIn
• Sector Focus: Real estate tech, property management, enterprise SaaS, marketplaces
• Stage Focus: Seed, Series A, Series B
• Office Location: Seattle, WA
• Website: madrona.com

2. Founders' Co-op

Founders' Co-op has backed Seattle proptech companies since 2008 and runs Techstars Seattle - they're the first institutional check for most local real estate startups.

• Recent Deals: Multiple seed-stage Seattle property tech and real estate software companies
• LinkedIn: Founders' Co-op LinkedIn
• Sector Focus: Real estate tech, property management, marketplaces, SaaS
• Stage Focus: Pre-seed, Seed
• Office Location: Seattle, WA
• Website: founderscoop.com

3. Fifth Wall

Fifth Wall is the largest proptech VC globally with $1B+ under management and led Juniper Square's $130M round at $1.1B valuation in 2025.

• Recent Deals: Juniper Square $130M Series D (2025), Realm $12M Series A (2025), multiple proptech unicorns
• LinkedIn: Fifth Wall LinkedIn
• Sector Focus: Proptech, real estate fintech, climate tech, construction tech
• Stage Focus: Series A, Series B, Series C, Growth
• Office Location: Los Angeles, CA (invests in Seattle)
• Website: fifthwall.com

4. Moderne Ventures

Moderne Ventures focuses on residential real estate technology and backed Seattle's RentSpree along with property management platforms.

• Recent Deals: Lula Insurance $18M Series A (2025), Lane $9M Series A (2024), RentSpree investments
• LinkedIn: Moderne Ventures LinkedIn
• Sector Focus: Residential proptech, insurance tech, property management, fintech
• Stage Focus: Seed, Series A, Series B
• Office Location: Boston, MA (Seattle investments)
• Website: moderneventures.com

5. Voyager Capital

Voyager leads first venture rounds in Pacific Northwest software including commercial real estate and property management platforms.

• Recent Deals: Multiple B2B SaaS companies including real estate vertical software
• LinkedIn: Bill McAleer LinkedIn
• Sector Focus: Real estate software, property management, B2B SaaS, analytics
• Stage Focus: Seed, Series A
• Office Location: Seattle, WA
• Website: voyagercapital.com

6. Camber Creek

Camber Creek has $1B+ AUM and focuses exclusively on real estate technology with portfolio backing from major property owners.

• Recent Deals: Notch $15M Series A (2025), Latch Series B rounds, Measurabl Series D
• LinkedIn: Camber Creek LinkedIn
• Sector Focus: Property management, building operations, real estate fintech, sustainability
• Stage Focus: Series A, Series B, Series C
• Office Location: Rockville, MD (Seattle deals)
• Website: cambercreek.com

7. MetaProp

MetaProp is one of the most active early-stage proptech investors with 175+ portfolio companies and runs accelerator programs.

• Recent Deals: VergeSense $60M Series C (2024), multiple seed and Series A proptech investments
• LinkedIn: MetaProp LinkedIn
• Sector Focus: Proptech, real estate fintech, property management, construction tech
• Stage Focus: Seed, Series A
• Office Location: New York, NY (Seattle investments)
• Website: metaprop.com

8. JLL Spark

JLL Spark has $380M+ invested in 45 proptech startups and brings corporate real estate customer access through JLL parent company.

• Recent Deals: HqO $60M Series C, EliseAI $250M Series E (2025), OpenSpace funding rounds
• LinkedIn: JLL Spark LinkedIn
• Sector Focus: Commercial real estate, building operations, tenant experience, construction tech
• Stage Focus: Series A, Series B, Series C
• Office Location: San Francisco, CA (Seattle deals)
• Website: jllspark.com

9. Maveron

Maveron backed Rover's IPO and invests in consumer-facing real estate marketplaces when they have strong network effects.

• Recent Deals: Multiple consumer marketplace and platform companies including rental tech
• LinkedIn: Maveron LinkedIn
• Sector Focus: Consumer marketplaces, real estate platforms, lifestyle, fintech
• Stage Focus: Seed, Series A
• Office Location: Seattle, WA
• Website: maveron.com

10. PSL Ventures

PSL operates as studio and fund, building proptech companies from scratch with founding teams before raising external capital.

• Recent Deals: Multiple studio-built companies including real estate and property tech
• LinkedIn: PSL Ventures LinkedIn
• Sector Focus: Real estate tech, enterprise software, marketplaces, mobile
• Stage Focus: Seed, Series A
• Office Location: Seattle, WA
• Website: psl.com

11. Flying Fish Partners

Flying Fish backs applied AI and machine learning including real estate analytics, property valuation, and automation platforms.

• Recent Deals: Multiple AI/ML companies including real estate technology applications
• LinkedIn: Frank Chang LinkedIn
• Sector Focus: AI/ML, real estate analytics, automation, enterprise software
• Stage Focus: Pre-seed, Seed
• Office Location: Seattle, WA
• Website: flyingfish.vc

12. Tola Capital

Tola invests in enterprise software globally including real estate vertical SaaS and property management platforms.

• Recent Deals: Multiple enterprise SaaS companies including real estate technology
• LinkedIn: Tola Capital LinkedIn
• Sector Focus: Enterprise SaaS, real estate software, vertical SaaS, B2B platforms
• Stage Focus: Seed, Series A, Series B
• Office Location: Menlo Park, CA (Seattle investments)
• Website: tolacapital.com

13. Ignition Partners

Ignition has Seattle and Silicon Valley offices and backs enterprise software including property management and real estate platforms.

• Recent Deals: Multiple enterprise software and B2B SaaS including proptech
• LinkedIn: Ignition Partners LinkedIn
• Sector Focus: Enterprise software, real estate tech, B2B SaaS, machine learning
• Stage Focus: Seed, Series A
• Office Location: Seattle, WA and Menlo Park, CA
• Website: ignitionpartners.com

14. WRF Capital

WRF invests exclusively in Washington state companies including real estate technology spinouts from research institutions.

• Recent Deals: Multiple Washington-based technology companies including proptech
• LinkedIn: WRF Capital LinkedIn
• Sector Focus: Real estate tech, information technology, enterprise software
• Stage Focus: Seed, Series A
• Office Location: Seattle, WA
• Website: wrfcapital.com

15. LAB Ventures

LAB Ventures specializes in proptech with real estate industry LPs who provide customer access and pilot opportunities for portfolio companies.

• Recent Deals: Multiple early-stage proptech companies serving real estate and construction
• LinkedIn: LAB Ventures LinkedIn
• Sector Focus: Proptech, construction tech, real estate software, property management
• Stage Focus: Pre-seed, Seed, Series A
• Office Location: San Francisco, CA (Seattle investments)
• Website: labventures.co

Start tracking your Seattle real estate investor outreach

These 15 investors closed Seattle real estate deals worth $200M+ in 2025-2026. Before reaching out to Seattle proptech VCs, set up proper tracking.

Upload your deck to Ellty and create unique links for each Seattle investor. You'll see which slides they review and how long they spend on your unit economics. Seattle real estate investors typically skip market size slides but spend 5+ minutes on customer acquisition costs and retention metrics if they're seriously evaluating.

When Seattle investors request customer data, share an Ellty data room instead of spreadsheet attachments. Your customer contracts, retention analysis, and CAC payback calculations in one place with view analytics. Most Seattle proptech VCs will review economics within 72 hours if they're interested.

Common questions

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

No, but it helps. Seattle proptech investors prefer local founders who understand the Pacific Northwest market. Remote founders can raise but need to explain why Seattle rather than SF where most proptech capital lives. Expect to visit Seattle quarterly after Series A.

How does Seattle compare to San Francisco for proptech fundraising?

Seattle has lower valuations but better access to Zillow, Redfin, and Opendoor networks for customer development. SF has 3x more proptech capital and higher check sizes. Seattle investors understand real estate business models better but SF has more follow-on capital for growth rounds.

What's the average Series A round size for proptech in Seattle?

$8-15M at $30-50M post-money valuations for companies with $1-2M ARR. Lower than SF but higher than most markets. Seattle investors want to see 100%+ net dollar retention and <18 month CAC payback before Series A.

Should I raise locally or go straight to SF/NYC?

Start local if you're building property management software or transaction platforms. Seattle investors understand these business models better than coastal VCs. Raise your seed and Series A locally, then add Fifth Wall or growth investors for Series B. Most successful Seattle proptech companies follow this path.

Do Seattle real estate investors expect in-person meetings?

Not as much as cloud infrastructure investors. Initial meetings can be virtual but expect to visit Seattle for final partner meetings before term sheets. Most funds accept remote board participation after investment. Budget for quarterly Seattle trips once you're in serious discussions.

What customer traction do Seattle proptech investors need to see?

Seed investors want $10-50K MRR with 2-3 paying customers. Series A expects $1-2M ARR with 10-20 customers and 100%+ net dollar retention. Series B needs $5M+ ARR with proven sales process. Seattle investors focus heavily on customer retention over growth rate alone.