NAR announces inaugural group for 'tech accelerator'

BombBomb, Lumentus, Planwise, Reach150, Updater, and Workface selected from 130 applicants

By Paul Hagey, Tuesday, March 26, 2013.

Inman News®

A tech incubator launched by the National Association of Realtors has selected an inaugural group of six companies that will receive mentoring -- and potentially funding -- to get them started doing business in the real estate industry.
REach, designed for start-ups as well as established companies, is run by NAR's five-year-old strategic venture arm, Second Century Ventures.
The "tech accelerator" program provides selected companies with exposure and guidance from a select group of more than 40 mentors, including DocuSign Chief Marketing Officer Dustin Grosse and Postlets founder Asher Matsuda. About 500 Realtor product testers will also provide feedback.
More than 130 companies applied for the nine-month program. In addition to email marketing software provider BombBomb, which was selected in January, the companies chosen to participate in the REach program are:

• Lumentus: a social media metrics provider that helps companies focus social media messaging on their brands and missions.
• Planwise: a financial planning service for individuals to visualize, via real-life scenarios, how major life events affect their financial future.
• Reach150: a referral platform that helps individuals manage their online reputations.
• Updater: a free online service consumers can use to easily manage a change-of-address.
• Workface: a live chat -- via text, audio or video -- software platform that facilitates one-on-one communication with a client in real-time at critical points in their decision-making process.

The goal, said REach Managing Director Constance Freedman, is to help the companies establish a footing in the real estate space during the program. Second Century Ventures will invest in those that show the most promise.
"We like companies to be applicable in multiple industries," Freedman said. But the number one criteria for consideration, she said, is that they have a real estate play.

Article continues below