In the grand scheme of things, this is a tiny amount of money to invest in the future of an industry that is so phenomenally large.
I would put this down to:
1. Lack of ambition - most of these 'new' companies are agents/brokers, with a tech twist.
2. Lack of ambition - there really is not much exciting tech being displayed to shake-up/modernise real estate.
3. Lack of ambition - no leadership from property owners, agency/brokerage owners or private equity partners.
Either everyone is real estate is happy with the status quo (they're making enough money/not feeling any real pain), or real estate is just not a sexy enough industry to disrupt.
By the way, the status quo of real estate in 2014 is classified listings companies being the most talked about real estate technology. Here's hoping 2015 brings about the demise of the property portal.
Read the press release and/or buy the report here: https://www.cbinsights.com/blog/real-estate-tech-venture-capital-2013