First American Brands Venture Capital Arm as Parker89
May 11, 2022
First American Financial Corp. launched the official brand and website for the company’s venture capital arm – Parker89. Since 2019, First American’s venture capital arm has invested over $350 million in more than 20 high-growth proptech companies, many of which have become strategic partners and customers.
“Our venture investment portfolio is an important contributor to our leadership of the digital transformation of the title and settlement industry, positioning us at the forefront of real estate innovation,” said Paul Hurst, chief innovation officer at First American and managing director at Parker89. “In addition to financial returns, our venture investments and relationships with early-stage companies and startups provide unique insights into how we can enhance the experience for our customers and all parties involved in real estate transactions today and in the future.”
The new brand, Parker89, pays homage to First American’s roots, which can be traced to the year 1889. Parker89 is a blend of 1889 and C.E. Parker, the name of the founder of the company that decades later would become First American Title Insurance Co.
“The new brand reflects our connection to First American, while giving an identity to our role as one of the most active venture investors in proptech,” said Nate Levin, managing director at Parker89. “As a strategic investor hyper-focused on proptech, we bring deep real estate transaction expertise and a nationwide industry network to our investments. It’s important that our portfolio companies feel they have a market advantage through our investment, and that they view us as long-term, supportive partners.”
Parker89’s investment strategy will continue to focus on early-stage companies and entrepreneurs that are reimagining residential and commercial real estate, including tech-enabled brokerages and marketplaces, agent tools, lenders, mortgage software, and fractional homeownership. High-profile investments include Offerpad, an iBuyer that went public last year, Side, a tech brokerage, Roofstock, a company focused on the single-family investment marketplace, and Pacaso, the second home co-ownership business. Parker89’s investments have been largely in series A, B, and C stage companies, although it will back earlier- or later-stage businesses as well.
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