First American Financial Corporation Brands Venture Capital Arm as Parker89

Rhea-AI Summary

First American Financial Corporation (NYSE: FAF) has launched its venture capital arm branded Parker89, investing over $350 million in more than 20 high-growth proptech companies since 2019. The new identity emphasizes its commitment to the digital transformation of real estate. Parker89 targets early-stage companies in various segments including tech-enabled brokerages and fractional homeownership. First American reported total revenue of $9.2 billion in 2021, showcasing its financial strength and industry leadership.

Positive

• Established Parker89 to enhance real estate innovation and strategic partnerships.
• Invested over $350 million in 20+ proptech companies, indicating strong market engagement.
• Total revenue of $9.2 billion in 2021 reflects robust financial health.

Negative

• None.

—Since 2019, the company’s venture capital arm has invested in more than 20 high-growth proptech companies—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today 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 Company, the largest subsidiary of First American Financial Corporation.

“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.

For more information about Parker89 and a list of its venture investments, visit www.Parker89.com.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $9.2 billion in 2021, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the seventh consecutive year. More information about the company can be found at www.firstam.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504005360/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Financial Corporation

FAQ

What is Parker89 and its purpose?

Parker89 is the venture capital arm of First American Financial Corporation, focusing on investments in high-growth proptech companies to lead digital transformation in real estate.

How much has First American Financial invested in proptech companies?

Since 2019, First American Financial has invested over $350 million in more than 20 proptech companies.

What is the revenue of First American Financial Corporation?

First American Financial Corporation reported total revenue of $9.2 billion in 2021.

When was Parker89 launched?

Parker89 was officially launched recently as the branding for First American Financial's venture capital arm.

What industries does Parker89 focus on?

Parker89 focuses on early-stage companies in residential and commercial real estate, including tech-enabled brokerages and fractional homeownership.