Draper Goren Blockchain, a Los Angeles-based “Venture Studio” which has backed multiple blockchain firms, says it will alter its approach to “bet big” on real estate technology. Draper Goren will open up a satellite office in Detroit to pursue Proptech firms.
The group was once the organizer of a successful annual digital asset event in LA, which was impacted by the one-two punch of COVID and the crypto meltdown a few years ago. The partnership with well-known VC Tim Draper has been instrumental in launching the investment firm.
Alon Goren, co-founder and Partner of Draper Goren, said that “opening a second home base in Michigan is a testament to our success.”
The decision to pursue Proptech was said to be driven by the performance of the firm’s real estate-related portfolio companies, including LitFinancial, a growing mortgage brokerage, and AIVRE, an AI-powered appraisal software platform.
The new DGB office is said to be based at the “epicenter of the U.S. mortgage industry, providing direct access to critical Proptech infrastructure and talent.”
Detroit is home to Rocket Companies, a multi-billion-dollar operation that focuses on mortgages and home ownership. There are other Proptech firms in the region which are said to be contributing to the “city’s rapidly expanding tech market.”
David Bleznak, Founding Partner at Draper Goren Blockchain, will manage Draper Goren Blockchain in Detroit. Bleznak says that Michigan offers a strong ecosystem for Proptech development.
“Our venture studio’s performance has been exceptional, and this expansion allows us to deepen our roots in the mortgage capital of the country while building a world-class team to support our portfolio companies’ continued growth.”