PropTech市场动态

February 2025 01Executive Summary04Houlihan Lokey Overviewand PropTech MarketLandscapesTable of Contents 02Public Markets 03PropTechMarket Update Executive Summary 2024 PropTech Market Update•Elevated interest rates and economic uncertainty in 2024 created a challenging environment for the PropTech market, especially in the residential categorywith annual existing homesales at their lowest since 1995.–Despite a slowdown in activity, the PropTech market remains strong, with ~$4.3 billion in growth equity and debt financing and 90 M&A transactions in 2024.–Houlihan Lokey is optimistic about growth in the PropTech market in 2025 as business momentum improves and the need for consolidation across the category continues.•Key tech trends include the adoption of AI across all real estate end markets, the use of predictive real estate analytics, and software with integrated payments business models inmultiple subverticals.•PropTech public equities have been on the rise; the Houlihan Lokey PropTech Public Market Index increased 27% in 2024.4$6,119$14,507$9,407$1,345$4,305$2,901$7,464$18,812$12,308202120212022EquityDebtAverage Annual Total ValueGrowth equity investment and M&A in PropTech hit five-year lows.U.S. PropTech M&A Activity and Growth Capital Investment Hit a Five-Year Low in 2024Sources: PitchBook, CB Insights, company filings, company websites, press releases.(1)As of December 31, 2024.($ in Millions) $4,211$3,374$510$934$4,721$4,308$9,57320232024 (1)10316299949011120212021202220232024Average Annual M&A TransactionsU.S. PropTech M&A Transactions—Trailing Five YearsU.S. PropTech Private Growth Capital Investment—Trailing Five Years Significant 2024 Capital Raises2024 PropTech Market Update(cont.)●2024 saw several significant capital investments and M&A transactions in the category:–~$4.3 billion in growth equity and debt investment into the U.S. PropTech market in 2024 across 165+ investments.–40+ financing rounds of more than $20 million, 11 of which were more than $50 million; Hostaway, DoorLoop, Bilt Rewards, and Guesty announced significant capital raises.–M&A activity has remained consistent from prior years, with 90 announced transactions in 2024. Strategic consolidators continue to drive activity, including CoStar’s acquisitions ofMatterport and Visual Lease.●PropTech market momentum is building in early 2025:–Several high-profile M&A and financing deals in early 2025: ButterflyMX/FTV Capital, Industrious/CBRE, and College Pads/StarRez, among others.–Public equity markets and M&A have performed well; U.S. software M&A deal volume was up 20% YoY in 2024,(3)(4)while the Houlihan Lokey Software Index rose 20%.–Supply/demand imbalance is creating pent-up demand, though investors are still focused on the “Rule of 40” with an emphasis on growth.–Credit markets have begun to open up in 2H 2024 and are expected to expand further in 2025, driven by optimism about reduced regulations and a more business-focusedadministration.Multiple high-profile PropTech investments and M&A transactions were announced in 2024.5Sources: PitchBook, LSEG, PwC, CB Insights, company filings, company websites, press releases.(1) Includes two separate financing transactions in January and August 2024.(2) Deal values represent enterprise values.$350 Million Equity Raised$130 Million Equity Raised$365 Million Equity Raised$100 Million Equity Raised$100 Million Equity Raised(1)$75 Million Equity Raised /UndisclosedSignificant2024 M&A Transactions(1)(2)(3) Total deal volume reflects count of M&A/buyout transactions of U.S.-headquartered software target companies.(4) PitchBook.(5) “Rule of 40” = revenue growth + EBITDA margin. Reflects CY24E metrics. (5)Undisclosed~$273 Million////~$1.6 Billion~$770 Million(2)/~$444 Million $401$206$167$988Jan-24Feb-24Mar-24Apr-241H 2024 PropTech Equity and Debt Investment: ~$2.0 Billion2024 PropTech Financing MarketStrong 2H momentum in financing activity signals market rebound in 2025.2024 Monthly PropTech Growth Investment vs. S&P 500 Index6($ in Millions)Equity and Debt Raise ValueS&P 500 Index•Despite strong investment value in 2H 2024, the PropTech market still struggled with muted investment into the sector in 2024, as investors remained cautious given the rate environment.Sources: PitchBook, CB Insights, company filings, company websites, press releases, S&P Capital IQ as of December 31, 2024. $124$105$80May-24Jun-24Jul-24 $329$245$769$396$499Aug-24Sept-24Oct-24Nov-24Dec-242H 2024 PropTech Equity and Debt Investment: ~$2.3 Billion19% Increase YoY28% Decrease YoY $41.5$48.9$36.3$30.5$19.5$16.8$23.4$36.21H-212H-211H-222H-221H-232H-231H-242H-24H2 2024 Saw an Uptick in Overall PropTech Invested CapitalAverage deal size hascontinued toincrease, rising to$36.2 million in 2H2024—116% growthfrom the low in 2H2023.20222023The residentialvertical garneredthe majority ofPropTechinvestment inthe near-zero-rateenvironment.37%CRE/Multi-Family40%Residential23%Construction39%CRE/Multi-FamilyCommer