Early-stage investment firm joins other strategic investors to drive growth of artificial intelligence in Proptech
MINNEAPOLIS, June 8, 2023 — Rice Park Capital Management LP (“Rice Park”), a Minneapolis-based, private investment firm, announces its venture capital strategy (“RPC Ventures”) has made an investment into Purlin, a technology company that designs, creates, and delivers advanced AI solutions for the real estate market. Purlin provides enterprise-level software tools to real estate brokerages, real estate teams, and agents to help them more effectively generate more leads, promote properties, target potential buyers, and manage the buying and closing process.
“Rice Park’s venture strategy is about identifying companies that are the right fit and investing in them early. We saw a space with significant tailwinds around AI to support the real estate transaction process,” said Nick Smith, CEO and Managing Partner at Rice Park. “We are impressed with Purlin’s enterprise-level engagement and what its team has built over the past few years. Additionally, we believe there is opportunity for an even broader application within the mortgage market, title, and the closing process.”
Chris Bixby, Managing Director of Venture Capital Strategies at Rice Park said, “We’re excited about this new partnership and joining Purlin’s board. We believe its platform is unique because it has the flexibility to digest and utilize AI developments in this rapidly expanding sector. Purlin built its business innovatively by developing and integrating cohesive teams in Los Angeles and Armenia consisting of PhDs, computer scientists and data experts, which we believe provides the foundation for growth in this market.”
Purlin’s competitive advantage is grounded in its ability to apply its AI and machine learning tools to each step of the real estate process. Given the existing real estate transaction environment, brokerages are increasingly focused on delivering tools to their brokers that can help them generate leads and close processes faster. Today, Purlin’s customers include Douglas Elliman Realty and the Eklund | Gomes Team.
“This additional investment will enable us to take Purlin to new levels. Rice Park is the perfect partner for us because of its deep understanding of the real estate and mortgage markets,” added Giorgi Chigogidze, Founder and CEO of Purlin. “A few years ago, we embarked on a mission to deliver on the promise of AI in real estate. Our new partnership with Rice Park proves that our mission and roadmap is being realized beyond brokerages, in large adjacent categories.”
Rice Park joins New Valley Ventures, an investment vehicle managed by Douglas Elliman Inc., Redwood Trust Inc., through its strategic venture investment platform, RWT Horizons, SUM Ventures, Mission Gate, and Fredrik Eklund and Julia Spillman-Gover, of The Eklund | Gomes Team as investors in the business.
About Rice Park Capital Management
Rice Park Capital Management LP is a private investment firm managing funds and investment vehicles on behalf of institutional investors, family offices and high net worth individuals. Its investment focus is to deliver cycle-resistant returns to its limited partners by unlocking value in complex opportunities in the residential and commercial mortgage and real estate sectors. RPC Ventures seeks to provide active capital to early-stage real estate and mortgage technology businesses.
Learn more about Rice Park at www.riceparkcapital.com.
No Offer or Solicitation. This press release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities.
SOURCE Rice Park Capital Management
