Here is an example of a personal investment thesis that I created to share with venture capital firms. In this example, I provide my personal perspective on the real estate tech sector. For details on how I build this thesis check out my blog (https://goo.gl/CU4Qid). Note: Some of the confidential information has been redacted for privacy.

1. Earnest Sweat | 2016
Prospective Venture Capitalist
name@gmail.com
555-555-5555
Exploring the Real Estate Tech Industry
Investment Thesis &
Opportunities

2. REAL ESTATE TECH
The Big Idea
Placing property data on the internet has created a real estate market that is much more
transparent & accessible. This process has shifted the way consumers, developers & property
asset managers view operations. These trends coupled with rise in crowdfunding platforms
creates a uniqueopportunity for Real Estate Tech solutions to meet the needs for digital natives.
Emergence of big data demands
shift in real estate professionals’
roles. The information divide between
the industry & consumers has blurred.
This has begun to cause real estate
professionals to rethink how to remain
relevant in this more transparent real
estate market.
Technology presents advantages &
access for real estate investing.
Professionals are limited in analysis
due to Excel & other dated platforms.
Data analysis tools can provide
investment advantages, while
investing platforms connect
developers with new sources of
capital.
Consumers prefer finding real
estate & space using tech
instead of talking to brokers. As
millennials take a greater role in
the residential & commercial
markets, their preferences will be
more vital. More than 50% of
search for homes on mobile &
amongst that group, 26% end up
buying a home.
Source: Center for California Real Estate; FinLeap; US News. Earnest Sweat | 2016

3. REAL ESTATE TECH
This Thesis is Predicated on 6 Assertions
• Investing in the real estate asset class is more accessible through the emergence
of crowdfunding.
• More consumers use technology much more to make transactions & important
purchases (i.e. purchasing home, finding rental).
• Banking services use archaic & slow underwriting processes that cause
transactions to delay or not close at all; Peer to Peer marketplaces use tech to
make loans simple & fast, reducing lead times needed by banks.
• Data on real estate & apartments are gathered more than ever & the capabilities
of data analytics that are applied in other industries would make the real estate
industry a lot more efficient.
• Consumers are more accustomed to researching and conducting transactions
online & on mobile devices.
• Real estate has previously been an illiquid asset but thanks to digital
marketplaces there is an opportunity to freely trade this trillion-dollar asset class.
Therefore, there is a
tremendous investment
opportunity in early-stage
startups addressing needs of
new real estate consumers—
providing access, customized
& secure products.
Earnest Sweat | 2016

4. REAL ESTATE TECH
Data on Internet has led to more informed Consumers & Operators
Startups like Realtor.com, Trulia, & Zillow placed historically inclusive data to the general public. This has resulted in
more informed consumers in residential markets & realtors/brokers leveraging tech to differentiate themselves.
Source: Properties Online. Earnest Sweat | 2016

5. REAL ESTATE TECH
Thesis Definition
This thesis defines real estate tech as intersections of analytics, marketplaces & business tools that provide either
consumers access to transactions or real estate operators with products to run more efficient property portfolios.
Technologies that abide by this definition may be crowdfunding
platforms or property marketplaces,data analytics tools, shared
economy marketplaces, & efficiency tools that address the fast
paced needs of the consumers,developers, realtors, &
portfolio managers. For instance, ReScour has built a data
platform & decision engine that utilizes proprietary market
analysis based on massive data aggregation to identify real
estate investment opportunities.
Earnest Sweat | 2016

6. 1. Transaction are traditionally
slowed by a lack of information,
which prevents buyers from
conducting analyses or the lack of
organizationwith needs for closing
documents.
REAL ESTATE TECH
Need for enterprise tools that address industry’s inefficiencies
2. Real estate companies are not
operating in an effective manner at
the portfolio because they are not
aware of the insights that macro
data would provide.
The business of real estate is less about managing physical assets & more
about empowering teams of executives, investors, accountants, property &
project managers, & third-party service firms to make complex, unified
decisions.
Effective real estate technology enterprise platforms will leverage access to
data & solve the pain points of practitioners, including workflow, speed of
transactions & transparency. The traditional maze of approvals,
documents, messages & reports should become a logical set of inputs &
outputs that can be remapped in a logical method with analytics &
transaction tools.
Property managers are looking for tools that help them optimize the revenue
& cost levers, including energy management & flex space.
The two pain points (on the right) present a the tremendous
opportunities within real estate technology.
Cause of Pain Points
Earnest Sweat | 2016

7. REAL ESTATE TECH
Technology provides more access for participating in asset class
Source: Massolution; Forbes;
Despite 49% of the world’s wealth being held in property,
only 12.9% of the world has access to real estate
investment. With the JOBS Act, crowdfunding provides
more investors.
Investors can benefit from marketplaces, which connect
individual & institutional investors with property
developers. The platforms solutions open a further source
of financial capital for real estate developers (approx.
$2.5B), & a new investment class for many investors—
improving cost transparency & connecting new markets.
Platforms need to specialize in specific markets/asset
types where their developer partners can provide quality
deals for the new segment of investors, who are looking
to invest $5K or more.
Earnest Sweat | 2016

8. REAL ESTATE TECH
Value Proposition
The value proposition of this thesis can be defined by access & actionable analytics, wherein data
offers guidance on customized products, acquisition of customers, & security verification.
As an example, Entertiv provides
hardware & software tools that
specialize in the collection,
visualization & analysis of real-
time energy data in commercial,
multi-family & industrial buildings.
While Offrbox offers a platform
that empowers buyers & sellers
of residential investment
properties to search, make
offers, & close transactions in a
succinct manner.
Lastly, WhoseYourLandlord is
bringing quality to the rental
experience by enabling renters
to find their next home & to
review their landlords & housing
complexes.
Earnest Sweat | 2016

9. 1. Realtors are still involved in 86%
of all home sales in U.S. but they
have not adopted much tech & are
not providing the best service to a
more informed digital consumer.
REAL ESTATE TECH
Investment Conclusion
2. Traditional property owners lack the
internal expertise to create tools that
leverage data & speed up
transactions; market needs tools that
suggest optimal deals & manages
transaction process.
I believe that the success of real estate startups will be a function of
their analytic capabilities, as opposed to online information from
traditional property owners in the residential, commercial or
industrial markets. The proliferationof real estate information on the
internet has created consumer demand and has resulted in an
emergence of real estate tech startups.
Yet the big data analytics strategies to create tools that enable
property operators to make complex decisions & consumer facing
access tools remain integral, & a function of an impressive
founder’s execution. These factors should be evaluated thoroughly
during due-diligence for early-stage real estate tech startups.
These two conditions (on the right) present a tremendous
opportunity in real estate technology.
Key Market Conditions
Earnest Sweat | 2016

10. REscour, Entertiv, Offrbox, &
WhoseYourLandlord
Startups of Interest

11. Significant Achievements & Opportunities:
Using proprietary market analysis based on massive
data aggregation, REscour helps identify investment
opportunities. Based on a customer’s portfolio &
market preferences, the program creates custom,
tailored recommendations in real time.
Commercial real estate sales in the U.S. is a $15 trillion
industry with over $800B per year in transactions but it
has experienced little innovation. It is a black box that
is very opaque & hard to get the info for transactions.
REAL ESTATE TECH
REscour
Investment Conclusion: This information is sufficient
to prompt informal due-diligence.
Overview: A data platform & decision engine that utilizes proprietary
market analysis based on massive data aggregation to identify
commercial RE investment opportunities. http://www.rescour.com
Total Financing: Has raised $2.8M over 2 rounds. The investing
group includes TechSquare Labs, Spider Capital, & Chamath
Palihapitiya.
Traction: REscour has developed a proprietary data pipeline that
retrieves, classifies and geo-locates millions of data points from
structured and unstructured data sources.
Founder: Jake Edens (CEO, Co-Founder, xxxxx@rescour.com).
Experienced COO of other startups, Georgia BBA, Georgia Tech MBA.
Can make personal intro to CEO
Source: Crunchbase; Company Website.
Earnest Sweat | 2016

12. Significant Achievements & Opportunities:
Sells a sensor-based system stationed in a
building's breaker box that can tell how much
energy each room is consuming in real time, so
owners can cut those costs.
Commercial buildings in the U.S. waste 30% of
the energy they consume, according to the U.S.
Department of Energy. The company has helped
clients save up to 40%, with 12% on average, &
paybacks typically under two years.
REAL ESTATE TECH
Entertiv
Overview: Enertiv is a leading energy data and analytics company specializing in
the collection, visualization and analysis of real-time energy data.
http://www.enertiv.com
Total Financing: Have raised $1.94M over 2 rounds. The latest round was $1.15M
Seed round in September 2014. Investors include Vaidya Capital Partners,
Techstars & R/GA Ventures.
Traction: Have built hardware & software solutions that address: building energy
management, occupant engagement, tenant sub-metering & billing, & measurement
& verification. As of August 2014 the company had approx. $1M in revenue.
Founder: Connell McGill (CEO, Co-Founder, info@enertiv.com). Project Manager at
New England Consulting Group, Babson BA in Entrepreneurship.
Source: Crunchbase; Crain’s; Company Website.
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.
Earnest Sweat | 2016

13. Significant Achievements & Opportunities:
Offrbox has obtained SLA’s with numerous
conferences, association influencers, funds &
strategic partnerships including the Real Estate
Investment Association & Silver Bay.
The total value of U.S. residential homes equals
$28T. There are 105M homes in the U.S. & 5M
are sold each year. There is a lack of
transparency & access during the home
transaction process.
REAL ESTATE TECH
OffrBox
Overview: Platform empowers buyers & sellers of residential investment properties
to search, make offers, and close transactions in a few clicks. https://offrbox.com/
Total Financing: Have raised $500K in seed capital (July 2016) from two angel
investors.
Traction: Since the beta launch in July 2016, the platform has over 1,400 properties
in 43 states with a market value of $50 million featured. Over 2K users have
browsed the site & over 4K are subscribed to the startup's email list.
Founder: Eric Andrew (CEO, Co-Founder, xxxxxx@offrbox.com). Real Estate
Professional, Auction.com, Goldman Sachs, & Columbia BA.
Source: Crunchbase; Company Website.
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.
Can make personal intro to CEO
Earnest Sweat | 2016

14. Significant Achievements & Opportunities:
The startup has won multiple pitch
competitions. The team has completed the
Dreamit Ventures & Comcast Ventures
accelerator programs.
$440B was spent on rent in 2014 & majority of
renters (52%) are under the age of 30.
WhoseYourLandLord is positioning itself as the
go to rental platform for millennials.
REAL ESTATE TECH
WhoseYourLandlord
Overview: Bringing quality to the rental experience by enabling renters to
find their next home & to review their landlords & housing complexes.
Also enables landlords to provide & use renter references.
https://www.wylandlord.com
Total Financing: WhoseYourLandlord has bootstrapped to this point. The
team is currently raising $500K in seed funding.
Traction: Since launching the startup in January 2014, the startup has
displayed 27% MOM growth in users—equaling approximately 120K.
The team has also developed partnerships with TransUnion & Allstate.
Founder: Ofo Ezeugwu (CEO, Co-Founder, xxx@wylandlord.com).
Inspirational Speaker & Temple BBA in Entrepreneurship.
Source: Crunchbase; Company Materials. Company Website.
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.
Can make personal intro to CEO
Earnest Sweat | 2016

15. Trust Stamp & Abra
Non-Real Estate Startups

16. Significant Achievements & Opportunities:
Uses over 200 public records and social data to provide
reliable ID verification in under one minute for financial
advisors or real estate agents meeting new prospects or
clients. Trust Stamp is a Global Entrepreneur Partner of IBM
from whom it has received $120K of in-kind funding as well
as a Microsoft supported Biz spark Plus startup.
The cyber security market is estimated to grow to $170B by
2020, at a CAGR of 9.8%.
REAL ESTATE TECH
Trust Stamp
Overview: Guards against identity theft & friendly-fraud by providing
a secure digital token & objective trustworthiness score using
patented algorithms & AI resources. http://www.truststamp.us/
Total Financing: Have raised $1.3M in total over 3 rounds. The
latest was a $1.1M Seed, September 2016, led by Second
Century Ventures.
Traction: Currently offered for U.S. Marketplace use as a web
application. Anticipates international, iPhone & Android app
scheduled for early 2017.
Founder: Gareth Genner (COO, Co-Founder, xxx@gmail.com).
Serial Entrepreneur, Educator & University of London JD.
Source: Crunchbase; TechCrunch, Company Materials, Markets & Markets; Company Website.
Investment Conclusion: This information is sufficient to
prompt informal due-diligence.
Can make personal intro to CEOEarnest Sweat | 2016

17. Significant Achievements & Opportunities:
Users can fund their Abra wallets (through the app)
immediately with their bank accounts, & send money
completely free by just entering a phone number. The
startup plans to use the Series A raise to expand to
20 countries by 2017.
Mobile P2P payments will grow to $174B by 2019 &
30% of P2P volume will be paid via mobile, up from
1% in 2015.
REAL ESTATE TECH
Abra
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.
Overview: Abra is the world’s first digital cash, peer to peer money transfer
network. Abra Tellers represent a global, shared network of consumers
helping each other easily deposit & withdraw cash. https://www.goabra.com/
Total Financing: Have raised $14M in total over 3 rounds. The latest was a
$12M Series A, September 2015, led by Arbor Ventures. Investors include
Blockchain Capital, RRE Ventures & First Round Capital.
Traction: Offered in the Philippines and expanded into U.S. in late 2016.
The company generates revenue by charging a .25% fee to a user
whenever they transact with an Abra Teller. Have tellers signed up in 80
countries.
Founder: Bill Barhydt (CEO, Founder, info@goabra.com). Serial Entrepreneur,
Startup Investor, Goldman Sachs. New York Institute of Finance.
Source: Crunchbase; TechCrunch; Company Website; Business Insiders.
Earnest Sweat | 2016

18. REAL ESTATE TECH
Conclusion
The future of Real Estate Tech is at an exciting point. I hope our paths intersect to build and fund
startups that change the way individuals live, transact, & invest in properties for the next 30 years.
LinkedIn
For more context on my academic
and professional experience, please
check out my profile here.
Medium
I have written about my Real Estate
Tech investment thesis & provided
advice for founders. Check out
#ReadingEarnest here.
Twitter
I have microblogged & shared
articles on events impacting the
Fintech sector. To stay informed
please follow me here.
Earnest Sweat | 2016