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RESO Announces 2024 Board of Directors Election Winners

RESO

The results of the Real Estate Standards Organization (RESO) 2024 Board of Directors election have been announced for nine open seats, director appointments and the board’s Executive Committee for the next year. “The real estate industry is constantly changing and growing, and we need strong leaders to help navigate the wealth of technology at our disposal,” said Rebecca Jensen, President and CEO of Midwest Real Estate Data (MRED), who was re-elected as a director and chosen to return as 2024 Chair of the RESO board. “RESO's membership elects an amazing group each year, and I am honored to be given the opportunity to continue to help create and enhance standards for an increasingly global housing market.” Election winners representing Multiple Listing Services (MLSs) and REALTOR® associations: Katy Davenport, Director of Product Management, First Multiple Listing Service (FMLS) Shayne Fairley, COO, Stellar MLS (Incumbent) Rebecca Jensen, CEO, Midwest Real Estate Data (MRED) (Incumbent) Melissa King, COO, OneKey® MLS Winners of open board seats representing technology companies, developers, partners and consultants: Kristen Carr, VP of Strategic Integrations, Realtors Property Resource (RPR) Matt Cohen, Principal, Advisory Services, CoreLogic (Incumbent) Bob Evans, SVP Industry Relations, Move (Incumbent) Joseph Szurgyi, CEO, MLS Grid Michael Wurzer, President and CEO, FBS (Incumbent) The following at-large appointments were made by the board: Matt Hendricks, Senior Director, Broker Operations, Zillow Thomas Morgan, Chief Data Officer, Bright MLS Ross Buck, CEO, Omni MLS (Advisor) The following board members will continue in their leadership positions on the Executive Committee through 2024: Chair: Rebecca Jensen, President and CEO, MRED Vice-Chair: Michael Wurzer, President and CEO, FBS Secretary: John Breault, VP, MLS, State-Wide MLS Treasurer: Richard Renton, CEO, Triad MLS Closing out their terms this year are Mark Lesswing from Lesswing, Marty Reed from California Regional Multiple Listing Service (CRMLS), Vandana Vohra from Leading Real Estate Companies of the World and Jeff Young from RPR. The following RESO board members will continue to serve their terms in 2024: Dave Conroy, Director of Emerging Technology, National Association of REALTORS® Alex Lange, Head of Strategy and Innovation, National Association of REALTORS® Caitlin McCrory, VP, Industry Relations, Anywhere Greg Moore, CTO, Regional Multiple Listing Service (RMLS) Patrick Pichette, VP, REALTOR.ca, Strategic Business and Innovation at The Canadian Real Estate Association (CREA) Dan Troup, Director of Data Operations & Strategy, RE/MAX Shaun York, Executive Director of Technology, Homes.com “As a former broker, I’ve seen the vast improvements that our industry’s professionals and consumers experience through standards-driven technology,” said Sam DeBord, CEO of RESO. “Working alongside this group of the industry’s most brilliant technologists and business leaders to accelerate these efficiencies for our real estate marketplaces is a privilege.” ### RESO provides the foundation for streamlined real estate technology through the creation and certification of standards. Our member organizations include MLSs, brokerages, REALTOR® associations and technology partners serving more than one million real estate professionals. | reso.org RESO was incorporated in November 2011 as an independent, not-for-profit trade organization. Contact Details Real Estate Standards Organization (RESO) Greg Sax +1 612-860-2668 gsax@reso.org Company Website https://www.reso.org/

December 14, 2023 11:00 AM Eastern Standard Time

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Stairs Financial raises $3.5M to help next generation of home buyers make moves

Stairs Financial

The number of first time home buyers in the US is shrinking and is at an all-time low. They accounted for just 26% of all home purchases last year, the lowest level in 41 years. Helping these first time home buyers achieve their American Dream, mortgage marketplace Stairs Financial has launched today with a $3.5M funding round. The seed funding round was led by Zigg Capital with participation from Y Combinator, its initial investor Antler, Exceptional Capital and others. This investment will empower Stairs to help millions of young Americans defy economic headwinds like interest rates and high prices to become homeowners. Stair Financial was founded by Malcolm-Wiley Floyd and Scott Fritz, who met as roommates at Harvard. The mortgage marketplace helps connect first time buyers with local lenders as well as detailed down payment assistance. Stairs’ free mortgage comparison product is powered by their database of home buyer programs and mortgage products. It leverages automation and computer vision technology to track changes to assistance programs, like fluctuating rates, updated eligibility requirements, and new program launches. Stairs also provides first time buyers with a growing library of resources and guides to take the uncertainty and unexpected challenges out of buying a home. In addition to their Home Buying Guide, which holds first time buyers’ hands through the basics of interest rates, credit and more, Stairs has also built a specific guide to down payment assistance, focused on how it works and how it can help buyers buy homes with less savings than their parents had. Stairs is now live in Texas with licenses across 40 states. They plan to expand nationwide in early 2024. Stairs is hosting home buyer events in Houston, San Antonio, Austin and Dallas, in collaboration with local real estate experts. Malcolm-Wiley Floyd, CEO and co-founder of Stairs Financial commented: “High interest rates, low inventory and high prices have combined to make it really hard for young Americans to buy homes. Our generation has had to deal with two recessions and a global pandemic during our peak earning and home buying years. Many young Americans won’t be able to afford to buy a home with a conventional 20% down mortgage.” “Thousands of down payment assistance and credit programs have sprung up to help first-time homebuyers overcome the challenges, but these home buying options are hard for home buyers to find and evaluate. Furthermore, home buyers have to find a lender who can underwrite the specific loan program they want to apply for. Stairs helps home buyers find the right mortgage for them, with lower down payments, grants, and flexible underwriting.” Ryan Orley, Managing Partner at Zigg Capital added: "Zigg has studied a number of approaches to expand home affordability. The concept of leveraging technology to navigate the complicated system of incentive programs available to eligible homebuyers is particularly impactful and aligned. We are proud to partner with Malcolm-Wiley and Scott Fritz - they are talented entrepreneurs who deeply understand the problem they are solving at Stairs Financial." Stairs is also committed to addressing the systemic racial injustice in home buying. Black homeownership, at 43.4%, remains lower than it was a decade ago. And it is nearly 30 percentage points behind the White homeownership rate of 72.1%. Meanwhile, the Hispanic homeownership rate is at an all-time high, reaching over 50% for the first time, and the Asian homeownership rate is 61.7%. “The Black-White homeownership gap is larger today than it was ten years ago. As banks and lenders create new programs to address this gap, Stairs plans to incorporate them into their platform and help educate homebuyers on their advantages. As a Black founder, it is important to me that our work at Stairs improves equity and access to home ownership for traditionally disadvantaged communities,” added Malcolm-Wiley Floyd. Ryan Sommerville, General Partner at Antler commented: "Malcolm-Wiley embodies an unwavering commitment to tackling society's real challenges, navigating through the toughest solutions with unyielding focus and an indomitable work ethic. Stairs Financial stands as a testament to his dedication, making it one of my most fulfilling investments to date. We’re incredibly proud to be the first investor in Stairs and looking forward to continuing to back Malcolm-Wiley and the top tier team he’s built.” About Zigg Capital Zigg Capital is a venture capital firm based in New York City that invests globally in technology companies touching the real estate, construction, and retail industries. Over the past decade, Zigg's partners have made early-stage investments in leading companies such as Procore, Matterport, OpenSpace, VTS, Kasa, and Tend. For more information, please visit www.ziggcap.com About Antler Antler is the investor backing the world’s most driven founders, from day zero to greatness. Founded on the belief that people innovating is the key to building a better future, we partner with people across six continents to launch and scale high-potential startups that address meaningful opportunities and challenges. Knowing that exceptional founders can come from anywhere with any background, we have offices in 27 cities, including Austin, New York, London, Berlin, Stockholm, Bangalore, Jakarta, Singapore, Seoul, Tokyo, and Sydney. Our global community backs people from the beginning with co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding. Fueled by a personal passion that goes beyond traditional investing, we have helped create and invested in more than 900 startups across a wide range of industries and technologies, with the goal of backing more than 6,000 by 2030. About Exceptional Capital Exceptional Capital is a pre-seed and seed-stage venture firm.. We focus on being the first investor for B2B software startups. We invest in the US and Latin America, partnering with the most exceptional entrepreneurs from all backgrounds, bringing a strong combination of qualitative and quantitative skills. Contact Details Stairs Financial Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://stairsfinancial.com/

December 14, 2023 10:30 AM Eastern Standard Time

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Unlimited Remit starts Canada to Nepal/India remittance service

Renske Technologies

Unlimited Remit, a pioneering cross-border remittance company founded and operated entirely by individuals of Nepalese origin, proudly announces the initiation of remittance services from Canada to Nepal and India. The company, known for its extensive global reach, offers remittance solutions from 150 countries in 29 currencies, excelling in providing the best rates and facilitating instant bank deposits within business hours in Nepal and India through a streamlined, fast, and secure online platform. Unlimited Remit has achieved significant success in transforming the remittance landscape, particularly from the United States, by embracing a fully digital approach and eliminating cash transactions at both the sending and receiving ends. The primary mission of Unlimited Remit is to empower immigrants to send money back home to their friends and family in a safe, secure, fast, and digital manner at minimal costs. With 272 million migrants worldwide sending USD 930 billion annually, the company aims to reduce the considerable fees associated with traditional remittance methods. According to the World Bank, remittance companies charge 6.3%, while banks charge 10.66%, resulting in a staggering USD 60 billion in fees per year. Unlimited Remit ensures a user-friendly experience, allowing immigrants to send money from their phone apps or web apps digitally, saving time and ensuring the best exchange rates with no additional fees or charges. The company's goal is to ensure funds reach the bank accounts or wallets of recipients within minutes, in near real-time, bypassing unnecessary intermediaries and making the process safer, faster, and more cost-effective. "We are excited to offer our remittance services to the Nepali and Indian community in Canada," said Allen Bailochan Tuladhar, CEO of Unlimited Remit. "Our goal is to provide our customers with the best possible experience when sending money back home, and we are committed to offering the best rates and fastest bank deposits in Nepal and India." Unlimited Remit operates under the regulatory framework of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and holds membership with the Better Business Bureau (BBB). With entities in Singapore, the United States, Canada, the United Kingdom, Qatar, and Nepal, the company maintains a global presence to cater to the diverse needs of its users. During the initial months of its Canada launch, Unlimited Remit is introducing several promotional campaigns. New users will receive instant discounts ranging from CAD 5 to CAD 100, based on different sending slabs. Additionally, for transactions exceeding CAD 10,000, senders can avail themselves of a CAD 15 instant cash discount multiple times. The company has also integrated EarnSikka ( https://EarnSikka.com ) as its loyalty program, issuing Sikka for every remittance sent, which can be redeemed in subsequent transactions. Users utilizing referral codes will receive 650 Sikka, benefiting both the sender and the beneficiary. As part of this year's festival season, Unlimited Remit is conducting a lucky draw, offering NPR 18 lakhs worth of Sikka, ranging from Sikka 50 to Sikka 100,000 to both beneficiaries and senders. For more information, please visit www.unlimitedremit.com. About Unlimited Remit: Unlimited Remit is a licensed and regulated cross-border remittance company, offering services from 150 countries in 29 currencies. With a commitment to a fully digital and secure remittance experience, the company provides users with the best rates and instant bank deposits in Nepal and India. Operating under the supervision of FINTRAC and being a member of the BBB, Unlimited Remit has a global presence, including entities in Singapore, the US, Canada, the UK, Qatar, and Nepal. For more information, visit www.unlimitedremit.com. Contact Details Unlimited Remit Allen Bailochan Tuladhar - CEO +44 7746 698754 allen@unlimitedcloud.asia Company Website https://UnlimitedRemit.com

November 24, 2023 10:49 PM Eastern Standard Time

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SEVENTY NINTH GROUP AGREES TERMS FOR HOLIDAY PARK REDEVELOPMENTS

The Seventy Ninth Group

Seventy Ninth Group, an asset management company headquartered in North West England, has agreed terms to purchase two holiday parks for acquisition and subsequent redevelopment. Set in exclusive locations in Scotland, the Seventy Ninth Group plans to build up to 700 holiday lodges which will feature on site dining, as well as modern health and spa facilities. The two projects have a gross development value (GDV) in excess of £300 million combined. Once built, the lodges will be offered for sale at a starting price of £200,000.00. Seventy Ninth Group specialises in the acquisition and redevelopment of undervalued assets across its core sectors of real estate and natural resources. The redevelopment of holiday and leisure parks is just one of key market sectors in real estate for the company. The other sectors include residential and commercial office parks. The Group is owned by the Webster family, who hold a unique position in both the real estate and natural resource sectors, specialising in the acquisition, management and development of high growth assets with a focus on deploying sustainable investment strategies. Managing Director of the Group, Jake Webster, says; “We are delighted to be able to add this latest acquisition to our portfolio. The leisure sector has been a significant area for growth for us as we look to redevelop these two sites into luxury leisure accommodation. “The nature of the UK staycation market is evolving. Expectations are growing around the quality of accommodation and facilities expected on site with many holiday makers seeking a luxury experience. “Investment is key to operators who want to compete in this luxury space as they look to upgrade, refurbish and expand their offering. For investors this means there is a real opportunity for long term, stable returns. “ The Seventy Ninth Group is an award-winning asset management company headquartered in the United Kingdom. Founded by serial entrepreneur David Webster and his two sons, Jake and Curtis Webster. The Seventy Ninth Group holds a unique and advantageous position in both the real estate and natural resource sectors, specialising in the acquisition, management and development of lucrative assets during times of economic turmoil and uncertainty. A family-owned business, the Seventy Ninth Group is chaired by David and his sons, Jake and Curtis, along with an experienced board of directors most of whom derive from a banking & compliance background. The Seventy Ninth Group is renowned for its strong family values of loyalty, honesty, and reliability, and is respected by their clients globally. Forward Looking Information This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the Company identifying an appropriate business combination target and its future plans for pursuing a stock exchange listing in Canada. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward- looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward- looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward- looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice. Contact Details Liam Britnell +44 7453 364820 liam@ambitiouspr.co.uk Company Website https://the79thgroup.co.uk/

November 24, 2023 05:23 AM Eastern Standard Time

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XLRE: A Gateway to Real Estate Investment Opportunities

Select Sector SPDR

As we navigate the new era of remote and hybrid work environments, the Select Sector SPDR Trust, a pioneer in the ETF marketplace, continues to provide a compelling gateway into real estate investments through its Real Estate ETF (XLRE). This tool empowers investors to tap into the evolving real estate market by investing in a portfolio of Real Estate Investment Trusts (REITs). REITs play a crucial role in the real estate sector, offering investors a means to own income-producing properties. By investing in XLRE, one can gain exposure to a diversified portfolio of some of the leading REITs in the U.S. and components of the S&P 500. A Deep Dive into XLRE's Portfolio* XLRE's portfolio consists of 31 holdings. Its top holding is Prologis, accounting for 12.15% of the total. As the world's largest industrial real estate company, Prologis operates across 19 countries in North America. American Tower, holding 8.99% of the portfolio, stands as the second-largest holding. It is a REIT that owns and operates wireless and broadcast communications infrastructure in several countries worldwide. The top holdings are rounded out by Equinix (7.97%), a multinational company specializing in Internet connection and data centers; Welltower Inc. (4.98%), a REIT that invests in healthcare infrastructure; Public Storage (4.89%), the largest brand of self-storage services in the U.S., and Crown Castle (4.68%), a provider of shared communications infrastructure in the U.S. Accessible, Affordable, and Varied Investment Opportunities Collectively, XLRE's top 10 holdings make up 60% of the fund, incorporating a blend of diverse real estate classes. These REITs aim to provide attractive total returns by combining dividend yield with the potential for capital gains. The fund maintains a low expense ratio of 0.10%**. In short, XLRE presents advisors and investors with the ability to conveniently access various segments of the real estate market at a reasonable cost. DISCLAIMER: This is a work of research and should not be taken as investment or financial advice. Therefore, Select Sector SPDRs or the publisher is not liable for any decision made based on the publication. About the Company: Select Sector SPDR ETFs offer flexibility and customization opportunities. Many investors have similar outlooks, but no two are exactly alike. Select Sector SPDR ETFs let investors select the sectors that best meet their investment goals. *Holdings & Weightings as of 9/30/23 subject to change **Ordinary brokerage fees apply DISCLOSURES The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. The S&P 500 Index figures do not reflect any fees, expenses or taxes. An investor should consider investment objectives, risks, fees and expenses before investing. One may not invest directly in an index. Transparent ETFs provide daily disclosure of portfolio holdings and weightings All ETFs are subject to risk, including loss of principal. Sector ETF products are also subject to sector risk and nondiversification risk, which generally will result in greater price fluctuations than the overall market. Diversification does not eliminate risk. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF (732-8673) or visit www.sectorspdrs.com. Read the prospectus carefully before investing. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. Media Contact: Company: Select Sector SPDRs Contact: Dan Dolan* Address: 1290 Broadway, Suite 1000, Denver, CO 80203 Country: United States Email: dan.dolan@sectorspdrs.com Website: https://www.sectorspdrs.com/ *Dan Dolan is a Registered Representative of ALPS Portfolio Solutions Distributor, Inc. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is the distributor for the Select Sector SPDR Trust. SEL006998 EXP 1/31/24 Contact Details Dan Dolan +1 203-935-8103 dan.dolan@sectorspdrs.com Company Website https://www.sectorspdrs.com/

November 12, 2023 08:00 AM Eastern Standard Time

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K3 Elevates Commitment to Homeless Veterans' Lives through PATH Partnership

K3 Holdings

K3 Holdings, a prominent privately held real estate investment firm boasting an expansive nationwide portfolio, is commemorating Veterans Day by spotlighting its collaboration with People Assisting The Homeless (PATH). This partnership reflects the company's dedication to transforming challenges into opportunities, particularly addressing the critical issue of homelessness among the veteran community. Through this partnership with PATH, K3 Holdings/Alpine is not only providing shelter but also fostering an environment where veterans can regain their footing and reclaim their independence. As the nation prepares to honor the sacrifices of servicemen and women, K3 Holdings/Alpine is extending profound appreciation to the courageous individuals who have safeguarded the nation. Many veterans reside in properties managed by K3 Holdings/Alpine, enriching the fabric of communities as friends and neighbors. "On this Veterans Day, we are renewing our commitment to stand with our veterans and echoing the sentiment that no hero who defended our freedom should ever be without a home,” stated Nathan Kadisha, Principal of K3 Holdings. “Through our collaboration with PATH, we are not just addressing homelessness, we are building bridges to hope, and a future filled with possibilities. “Veterans residing in K3 Holdings/Alpine-managed properties are not just tenants, they are an integral part of the community fabric,” Nathan Kadisha continued. "As we unite in gratitude for our veterans, let us also unite in action. K3 Holdings/Alpine invites our community to join in support of PATH, ensuring that every veteran, who stood tall for our nation, now stands tall in dignity and security,” stated Michael Kadisha, Principal of K3 Holdings. “Together, we can rewrite the narrative for homeless veterans, providing them with the support they deserve." About K3 Holdings: K3 Holdings is a privately held real estate investment firm committed to transforming communities and improving housing quality and safety. Their extensive investments have led to remarkable enhancements in their property portfolio, reflecting their unwavering commitment to delivering reliable, safe, and comfortable housing options - https://k3holdings.com/. About People Assisting The Homeless (PATH): People Assisting The Homeless (PATH) is a non-profit organization committed to ending homelessness for individuals and families. PATH provides comprehensive services and support, guiding individuals from homelessness to stable housing and brighter futures - https://epath.org/. ### Contact Details Dan Rene +1 202-329-8357 dan@danrene.com

November 10, 2023 04:00 PM Eastern Standard Time

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Holiday Countdown

News Media Group, Inc.

Contact Details News Media Group Karl Wayne +1 334-440-6397 karl@newsmg.com Company Website https://newsmg.com/

November 07, 2023 09:38 AM Eastern Standard Time

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LevLane Advertising Announces New Philadelphia Headquarters

LevLane

LevLane Advertising, one of Philadelphia’s oldest independent full-service advertising agencies, is pleased to announce the relocation of its Philadelphia headquarters to a new state-of-the-art space at One Logan Square. The move, which comes on the heels of the agency's announcement appointing Josh Lev as president, marks a new chapter in the company's growth and its commitment to providing innovative solutions and thinking for clients. LevLane had called the historic Wanamaker Building home since 2004 and had been operating out of a 13,914-square-foot area within the building until its last official day of lease on June 30, 2023. The relocation of the headquarters and the initiative to bring employees back into the office on a flexible schedule represents a significant milestone for the agency and ties to a broader approach of fostering collaboration, adaptability and mentorship. "My hope is that our return-to-office strategy, in combination with this move to a collaborative workspace, will position both the agency and our employees for sustained growth and future success," said Josh Lev, president of LevLane. "My goal is to encourage mentorship between our seasoned employees and our incredible young talent while embracing an innovative approach to our work environment." The new office space, located in One Logan Squareat 130 N. 18th Street, Ste. 310, Philadelphia, PA, is situated at an iconic location in the heart of Philadelphia, just off the Benjamin Franklin Parkway. It offers 7,373 square feet of contemporary design and will provide employees with an inspiring environment for creativity and collaboration. The building, managed by Brandywine Realty Trust, is in a prime location just a short distance from the beautiful new Comcast Center and many other city landmarks. “As part of our strategy for the future, we’re committed to fostering a hybrid work environment, and this new space will allow our employees to balance remote work and in-person collaborative efforts,” said Liz Weir, chief marketing officer. “The new headquarters was designed to accommodate a flexible work model, with spaces that will enable communication and collaboration, whether employees are in the office or working remotely.” "There is nothing like being in the heart of Philadelphia,” said Bruce Lev, chief creative officer and co-founder. “We’ve had a presence in the city for decades, and I believe that has been a contributing factor to our success and longevity. We believe in the incredible talent pool here, the rich cultural scene and the thriving business community, which have all contributed to our growth over the years. We are proud to continue our journey here, serving our clients and contributing to the strength of Philadelphia's business community." About LevLane LevLane Advertising is a full-service independent advertising agency headquartered in Philadelphia and has been building brands people love for nearly 40 years. The award-winning agency integrates traditional creative expertise with cutting-edge digital capabilities in its menu of services, including search engine optimization (SEO), search engine marketing (SEM), programmatic media, strategy, creative and branding, media and analytics, social media, content marketing, and public relations. For more information about LevLane and its capabilities, connect with us on LinkedIn, Instagram and Facebook. Contact Details LevLane Lauren Stralo +1 484-747-0172 lstralo@levlane.com Company Website https://www.levlane.com

October 31, 2023 11:15 AM Eastern Daylight Time

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Cedar raises $3m to take on US housing crisis

Cedar

The US housing market is short 6.5 million homes after more than a decade of under-building relative to population and demand growth. Cedar is today announcing a $3M seed funding round to take this problem head on, with software that helps real-estate developers and professionals maximize the housing potential of urban infill properties. Cedar believes that the complexities of urban development are driving builders to construct homes ever-farther from city centers, thus contributing to the supply-demand mismatch creating a crisis of affordability today. Kyle Vansice, co-founder of Cedar added: “Not only is the US not building enough housing to support our population growth, we’re not building homes in the right places - urban centers where current and future generations want to live and work, and be closer to their friends, family, and cultural amenities.” The funding round was led by Caffeinated Capital with participation from Tishman Speyer Ventures, Maria Davidson (CEO of celebrated construction startup Kojo), David Rubenstein via Shorewind Capital, Alumni Ventures, among others. Cedar’s cap table also includes global venture capital firm Antler as an early investor (pre-seed round). Founded in 2022 by Kyle Vansice, Nate Peters and Rahul Attraya, Cedar is radically collapsing the time and cost for developers to source and evaluate real-estate projects, a major inefficiency in today’s real-estate market. It often takes longer to acquire, design, and permit a housing project than it does to build it - largely due to the slow, consultant driven, and regulatory burdened process of solving the 3D puzzle that is a real-estate development project. And while 80% of cities are composed of housing, almost no software exists to help developers know where and what can be built in the city - a critical market gap Cedar is filling. The Cedar platform uses generative algorithms and a mix of public and proprietary data to quickly generate a broad array of building designs, accurately predicting the development yield on any parcel in a city, and converting complex land-development regulations into real development scenarios that maximize a property's financial potential. Cedar is on a mission to standardize a fragmented process of value creation that typically takes months of consultant work and adds hundreds of thousands of dollars to each development project. By challenging the fundamentals on housing design and location, Cedar is creating a pathway to help deliver the residential needs of communities across the US. “By connecting local zoning and land development regulations with a national standard for infill housing and urban density, Cedar is the first technology startup that is offering a fresh vision for housing development and design for the future,” Nate Peters, co-founder of Cedar added. Cedar believes the immediate opportunity for builders and developers lies in places that were previously built for largely single-family development, but offer the potential to dramatically densify to create more livable and walkable neighborhoods. The future of urban development needs to move beyond the binary of either single-family homes or luxury high-rise to include the “missing middle” scale - a term coined by Dan Parolek and his firm Opticos Design. Rahul Attraya, co-founder of Cedar added: “The smaller, non-institutional “missing middle” scale projects are critical to creating a more economically and environmentally sustainable density in our cities. They present the key to providing the breadth of affordable options cities need. But getting innovative housing built in urban areas is not easy, and builders, developers, and the design community take big risks to make them happen - Cedar is supporting this effort by providing sophisticated planning and analysis technology that reduces risk and maximizes their potential. The infill multi-family construction is a $300B+ market annually, and is expected to nearly double by 2030. It is not only America’s fastest growing housing development type, but according to a recent University of California Berkeley study, the single most effective tool in reducing the carbon emissions of our society. Cedar has coverage across Austin now, but has ambitious plans to expand to a number of major American cities over the next 12-18 months. Varun Gupta, Partner at Caffeinated Capital, commented: “Characterizing the economic value of any parcel of land through its current and future development opportunities will drive massive value to developers, brokers, states and municipalities, and other stakeholders. With it, Cedar could help usher in a new golden era of municipal development and help solve America’s housing shortage.” Tyler Norwood, General Partner US at Antler, Cedar’s initial investor remarked: "We backed the Cedar team from day zero. As an early investor, we worked with Kyle, Rahul, and Nate as they experimented and fought to crack open a wedge into this market. The Cedar team is ambitious and tenacious, exactly the qualities required to scale a mammoth proptech opportunity. This 0-1 stage of a company is such a hard but exhilarating time — I feel honored that a team this strong gave Antler the opportunity to be a partner on this journey and it is exciting to see Cedar quickly gaining traction. I look forward to continue supporting the team as they build the future of urban infill development starting in our own backyard, Austin, TX. “ About Cedar Cedar is reducing the cost and time to source and evaluate real-estate projects by building software that accurately predicts development yield on any opportunity, converting complex land-development regulations into real development options that maximize a property's financial potential. Using proprietary algorithms and data, Cedar empowers real-estate developers to evaluate potential projects 10X faster, standardizing a fragmented process that typically takes months of consultant work and adds hundreds of thousands of dollars to each development project. Cedar is on a mission to help developers maximize ROI, de-risk investment by accurately predicting development yield as fast as possible. Doing so will create a more efficient real-estate market that will lead to more affordable, livable, walkable cities. About Caffeinated Caffeinated invests early (often at inception stage) and throughout the lifecycle of technology companies that produce meaningful value and transform the largest markets in the world. About Tishman Speyer Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 36 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 533 properties, totaling 223 million square feet, with a combined value of over $129 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco. About Alumni Ventures Alumni Ventures offers accredited individuals access to professional-grade venture capital— a key asset class missing from the portfolios of many sophisticated investors. Since launching its first venture fund in 2014, AV has raised more than $1.2 billion from nearly 10,000 individual accredited investors, and has built a community of over 650,000 opt-in subscribers to their innovation-focused newsletters. AV evaluates thousands of venture investment opportunities every year and has a portfolio of over 1,200 venture backed companies. In 2022, PitchBook ranked AV as the #1 most active VC firm in the US, and #3 in the world. AV funds are private, for-profit, and not affiliated with or sanctioned by any school. For more information, visit https://www.av.vc/ Contact Details Cedar Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.cedar.build/

October 31, 2023 09:00 AM Eastern Daylight Time

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