1、1H 2023 PropTech Market UpdateJuly 2023$3,237$3,566$6,893$6,540$2,459$1,372$1,095$1,653$1,835$324$4,609$4,661$8,545$8,374$2,783 1H-191H-201H-211H-221H-2351 48 83 56 45 -1501H-191H-201H-211H-221H-23Executive Summary1H 2023 PropTech Market Update2 Macro concerns around the broader tech market and high

2、er interest rates led to a slower start to 2023 in the PropTech market;however,there was still$2.8 billion in growth equity and debt financing and 45 M&A transactions in the U.S.PropTech market in 1H 2023.The PropTech market had a particularly weak Q1 in 2023 with one of the lowest investment levels

3、 in recent years,but an uptick in investment during Q2,led by a larger number of later-stage rounds,is fueling optimism for a stronger 2H in the sector.PropTech public equities have rallied,with the Houlihan Lokey PropTech public market index(1)outperforming the S&P 500 in both 1H 2023 and the LTM p

4、eriod.PropTech SPACs also saw equity appreciation in 1H 2023,although they remain down in the LTM period and have underperformed the broader market.PropTech remains a very diverse market:some end markets may be more affected by higher interest rates(e.g.,mortgage tech),but there is still a large opp

5、ortunity due to increasing technology adoption among real estate investors and property managers looking to streamline operations and increase efficiency.U.S.PropTech Investment Activity and M&A Have Fallen in 1H 20231H U.S.PropTech Private Growth Capital InvestmentTrailing Five Years1H U.S.PropTech

6、 M&A TransactionsTrailing Five YearsSources:PitchB,CBI,company filings,company websites,press releases.(1)PropTech Index includes all companies shown on page 14,except for companies that went public via SPACs and is weighted on a market-capitalization basis.Debt Raise ValueEquity Raise Value($M)The