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Second Century Ventures
Second Century Ventures is the strategic venture capital arm of the National Association of Realtors, investing in proptech and fintech.
Second Century Ventures
Second Century Ventures was founded in 2005 as the venture investment arm of the National Association of Realtors (NAR), a trade association representing over 1.5 million members. The fund's mandate is to identify and back technology companies that serve the real estate sector, leveraging NAR's network for both deal sourcing and portfolio support. Managing Director Linda Odorisio and co-founding Managing Director Steve Phillips have led the fund since its inception. The strategy focuses on early to growth-stage companies in proptech, financial technology, data analytics, and AI-driven real estate platforms. SCV runs the REACH program, a recurring growth accelerator for portfolio companies that provides access to NAR member brokerages, multiple listing services (MLSs), and industry events. Notable portfolio companies include DocuSign (publicly held digital signature platform), Realtor.com (real estate listings operator), and Placester (real estate marketing software). Geographic focus is primarily North America, with some exposure to European and Asian proptech markets. The fund does not disclose AUM publicly, typical for a corporate venture vehicle tied to a trade association. SCV operates a lean investment team. Its REACH growth program has expanded to multiple regions including REACH Canada and REACH UK. A recent operational milestone: March 2024: SCV launched the 2024 REACH class, selecting 12 technology startups for the annual accelerator program (per the firm, March 2024). Second Century Ventures' structural differentiator is its direct integration with NAR's membership base — portfolio companies gain distribution and pilot opportunities through the largest real estate trade association in the US. This creates a channel that traditional venture funds cannot replicate. SCV's governance separates investment decisions from the association's advocacy operations, structured as a wholly owned but independently managed subsidiary.
General information
Firm type
Venture Capital
Year founded
2005
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Washington
Corporate office
Washington, DC, United States
Principals
Linda Odorisio
Executive Vice President and Managing Director
Steve Phillips
Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at Second Century Ventures?
The fund is led by Executive Vice President and Managing Director Linda Odorisio, alongside co-founding Managing Director Steve Phillips. Both have been with SCV since its founding in 2005.
How does Second Century Ventures source proprietary deal flow?
SCV sources deals primarily through its REACH growth accelerator program, which attracts real estate technology startups from NAR's membership network. The fund also participates in industry events and has a direct pipeline through NAR's 1.5 million member base, which includes brokerages, agents, and MLS operators.
Is Second Century Ventures structured as a single family office or a venture firm?
SCV is a corporate venture capital arm, not a family office or independent venture firm. It operates as a wholly owned subsidiary of the National Association of Realtors, with investment decisions separate from the association's advocacy and membership functions.
What investment stages does Second Century Ventures typically target?
The fund targets early to growth-stage companies, spanning seed, Series A, and Series B rounds. Its REACH accelerator focuses on earlier-stage startups, while direct investments can extend into later stages for companies with demonstrated traction in the real estate market.
Which sectors does Second Century Ventures explicitly avoid?
SCV focuses exclusively on technology companies serving the residential and commercial real estate industry. It does not invest in sectors outside that mandate, such as healthcare, life sciences, or industrial technology.
How is Second Century Ventures related to the National Association of Realtors?
SCV is the strategic venture capital arm of NAR, funded by the association's investment portfolio. It operates independently with its own investment committee, but its mandate is to back companies that serve or transform the real estate industry. NAR's members provide a built-in customer base for portfolio companies.
Does Second Century Ventures participate in fund commitments or only direct deals?
SCV primarily makes direct investments in portfolio companies. It also operates the REACH accelerator program, which takes equity in exchange for program participation and capital. There is no public record of SCV committing to external venture funds.
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