The Ledger, every show

“The era of the thousand store brand is over, and I just don't think it's coming back.”

“What I don't think you'll see is the ten billion dollar exits that typically you see in true software, both enterprise and consumer software businesses, and like we look for out of our real estate technology fund,”

“I think we're not going to have the gaps and the banana republics and the major brands of the era previously replaced by five to 10 new brands, but instead they'll be replaced by hundreds of brands.”

“Actually, if you look at kind of the top 200 digitally native brands, they're actually growing faster than Amazon, independently of Amazon, and many of them don't sell their products on Amazon.”

“No one's going to park a car at an airport probably in 10 years, or very few people will.”

“Even though the mass adoption might not happen for a long time now, I think the impact on real estate could happen on a much more accelerated basis.”

“Corporate investors represent 45% of all dollars into venture capital.”

“And I expect that sometime over the next decade, it'll be more than half.”

“Prop tech is 10 to 20 X from here.”

“On frankly, Google AdWords to grow very quickly online, but now Amazon is the number one spender on Google AdWords, and frankly, they're making the cost of customer acquisition almost prohibitive for many of these new upstart brands”

“You're not just talking about opportunities in the billions of dollars with enormous total addressable markets. You're talking about opportunities in the trillions of dollars. So I think this is a trend that will go on for probably the next decade, frankly.”

“Now, sixty four billion dollars has gone into the category in just the last five years.”

“We're now with a 1,000,000,004 under management. We have four of the top five home builders as strategic LPs in our fund.”

“It's a six trillion dollar market. It's been growing for nearly a decade.”

“And today, e-commerce accounts for about 15% of all US retail sales.”

“There's a lot of what I would call, there's a support ecosystem around online merchandising and almost influencer marketing and getting celebrities to endorse their products to sell and distribute digitally, but there's no one that can really provide that doma…”

“So I think just generally the whole nature of how you expand into brick and mortar retail, Is going to change. It's going to both densify, it's going to be fewer stores, but I think within the major markets, you actually might have more stores than you did pre…”

“Obviously, you have real estate, which is the largest industry in the U.S. It's 14% of the U.S. Economy. It's the largest asset class. It's the largest lending category. It's the largest store of consumer wealth.”

“So if you just look at, you know, two of the three largest unicorns today are real estate and hospitality tech. We work in Airbnb after Uber. And then beyond them, there's another two hundred and fifty billion of real estate and hospitality tech companies out …”

“To date, seven deals, and in none of those deals have we participated in competitive fundraising processes.”

“And we're not going to compete, obviously, with Benchmark and Sequoia and Lightspeed.”

“Portfolio management and property management and leasing management is an enormous industry that is effectively all offline today. They're really the first company to bring it online.”

“Partnered up with my co-founder on Fifth Wall, and we decided to launch the first consortium-based model to innovation in real estate tech”

“I think the corollary point is that generally retail concepts and digitally native brands trade at lower multiples, right? So that is reflected, of course, in valuations.”

“Real estate is the largest industry in the US. It's really 13% of the US GDP.”

“And then he actually went on to co-found this company, Invitation Homes, which was the largest owner and operator of single family homes in the US, which sounds on the face of it like a real estate company. But really what they built was a technology stack Tha…”

“This is a category where two billion dollars went into real estate tech alone. Another billion and a half went into hospitality and travel tech.”