Douglas Elliman parent company Vector Group has launched a property technology investment venture, New Valley Ventures, to invest in PropTech startups.
In connection with the launch, New Valley Ventures has acquired an ownership stake in Rechat, a lead-to-close fully-mobile technology dashboard for real estate agents.
“We are incredibly excited to introduce New Valley Ventures to the PropTech industry,” said Richard J. Lampen, Executive Vice President and Chief Operating Officer of Vector Group.
“We look forward to putting our capital and deep industry knowledge to work to bring exciting and innovative tech-driven solutions to our colleagues at Douglas Elliman as well as the greater real estate community,” he added.
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“I am thrilled about this initiative and confident it will further enhance agent productivity,” said Scott Durkin, President and COO of Douglas Elliman. “In partnership with New Valley Ventures, our agents will now be at the forefront of emerging technologies that will make them better, faster, more productive and ultimately, more successful.”
The investment venture is being headed by Dan Sachar, who serves as its Managing Director as well as Vice President of Enterprise Innovation for Vector Group.
Sachar works in partnership with both Vector Group’s Chief Technology Officer David Ballard and with Douglas Elliman’s Chief Information Officer Connie Mui-Reilly.