Proptech venture capital firm Pi Labs has raised $90m (£68.7m) for its latest fund to invest in real estate technology startups globally.
London-based Pi Labs will invest in proptech startups that have created proprietary technology to improve any aspect of real estate.
It will pick companies at the pre-seed to Series A stage. Investments will range from $500,000-$1.5m and will fund the highest performing startups from its portfolio through their growth.
This could include investments in the creation of smart cities, implementation of robotics, building the metaverse, construction and sustainability.
In the UK, Pi Labs has previously invested in London-based augmented reality startup Dent Reality’s $3.4m seed round, Realyse’s Series A round and Perchpeek’s seed round.
It comes as UK proptech investment hit a record £1.6bn last year.
The oversubscribed ‘Pi Labs Fund III’ drew investment from a range of institutional construction investors and pension funds.
They include Dutch pension provider APG, listed UAE developer Aldar Properties, London real estate developer Sellar, King’s Cross Central Limited Partnership, Hong Kong-based developers Sino Group and Swire Properties, Nordic sustainable construction solutions firm Kiilto, Canadian Hopewell Group and Germany’s Jaeger Gruppe.
“The startups that Pi Labs invests in are ultimately the ones that will solve the industry pressure points and challenges, including achieving a cleaner and greener world, which is fundamental when Sellar undertakes development projects,” said James Sellar, chief executive at Sellar.
Founded in 2014, Pi Labs was Europe’s first proptech-focused venture capital firm. It currently has a portfolio of 60 companies, managing $350bn in assets. It plans to expand its portfolio to over 100 by 2025.
Faisal Butt, CEO and founder of Pi Labs, said: “The global profile of our latest fund’s LPs reflects the surge in institutional allocation towards the proptech sector, and an increased awareness of how startups are successfully scaling and solving critical, large-scale industry issues.”
Previous investors in Pi Labs’ proptech fund include Great Portland Estates, Patrizia, Assura, Revcap, Embassy Group, Moorfield, Elkstone Partners, Helical, Europi and Gaedeke.
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