Second Century Ventures Research
Investment Thesis
Second Century Ventures (SCV) is the strategic investment arm of the National Association of REALTORS® (NAR), giving it a differentiated position among real estate-focused funds: direct access to NAR's 1.5M+ member network of real estate practitioners, 100+ bilateral trade association partnerships across 70+ countries, and 1,000+ global industry mentors. The firm's stated thesis is to back "the best technology startups writ-large that have universal utility" and apply them to real estate, which it frames as the world's largest asset class at roughly $380 trillion. SCV targets companies building AI applications, digital platforms and marketplaces, fintech/insurtech for real estate, and cross-industry technologies with real estate applicability, plus digital experience and security solutions.
Stage Focus
SCV invests at early-to-mid stage, favoring companies with proven traction and validated product-market fit rather than pure pre-product bets. External deal data shows a track record concentrated in Seed (21 tracked deals, ~$3.26M average), Series A (16 deals, ~$9.66M average), and Series B (6 deals, ~$14.2M average), with occasional participation in later rounds and debt instruments.
Check Size
No official check-size range is published on scv.vc. Based on tracked deal averages, checks cluster in the low-single-digit millions at Seed and scale toward $10-15M by Series A/B, consistent with a firm that typically participates in syndicates rather than sets round terms.
Lead Tendency
SCV is characterized externally as not typically leading rounds. Its edge is strategic value (distribution through NAR's practitioner network, credibility with brokerages, and REACH program support) rather than being the largest check or term-setter in a round.
Recent Activity
SCV has been actively deploying through 2026. It participated in SquarePlan's $1.8M seed round (June 2026, alongside Movens Capital, Kogito Ventures, KnowledgeHub Fund, and Realty Corp) for AI-driven commercial lease space planning. In February 2026, portfolio company Final Offer merged with Purlin to create a unified AI operating system spanning real estate, mortgage, and title — a REACH alumnus that had previously received a follow-on investment from SCV. The firm also opened its 2026 REACH Commercial cohort (announced July 2026: CenterCheck, Embue, HelloPackage, Parkquility, RentFlow, Shortlyst, SKLUT, SnapRefund) following its 2025 REACH Scale-Up cohort (Foyer, Guest House, Infinityy, NEO, Pitch59, Pixlmob, Tether RE, QwikFix).
Portfolio Highlights
SCV's portfolio spans 170+ companies with $2.9B+ in follow-on capital raised. Notable exits include DocuSign (IPO, 2018) and Updater (IPO, 2015), plus 30+ acquisitions including Obie, CartoFront, Deskpass, Realync, and GroundBreaker. The portfolio includes two unicorns: Kin (insurtech) and PLACE (real estate team operating platform). Other active names include igloohome, Openn, Trust Stamp, August, Edozo, UbiPark, Occupier, FYMA, and Stake.
Team
SCV is led by a small partnership rather than a large investment team:
- Dave Garland — Managing Partner
- Tyler Thompson — Managing Partner
- Mark Birschbach — Managing Director; also NAR Executive Vice President, Strategic Business Innovation and Technology; oversees deal sourcing/execution and the REACH accelerator
- Bob Gillespie — Managing Partner, REACH Commercial
- Ashley Stinton — Managing Partner, NAR REACH
Decision Process
SCV operates as a small partnership (public reporting cites roughly 8 partners on a 13-person team), suggesting investment decisions run through partner consensus rather than a solo GP or large investment committee.
Founder Preferences
SCV favors founders building applicable-to-real-estate technology with demonstrated traction: revenue-generating companies with product-market fit, strong leadership, and a credible path to scaling through SCV's REACH network and NAR distribution. The REACH program (an 8-month accelerator now spanning US Residential, US Commercial, Canada, UK, Latin America, Israel, and Australia/NZ, reporting 136% average participant revenue growth and a 12% exit rate) is both a sourcing funnel and a value-add layer, so SCV is a natural fit for founders who want access to real estate practitioner distribution rather than pure capital.
Geographic Focus
Primarily US-based investing (32+ tracked deals), with meaningful international activity via REACH's regional programs: Australia, Canada, Latin America, Israel, the Middle East, and the UK. SCV is headquartered at 430 N Michigan Avenue, Chicago, IL.