Pi Labs unveils $90m fund to target ‘proptech’ startups
London-based venture capital firm Pi Labs has unveiled a new $90m fund today as it looks to supercharge its investment into real estate tech startups.
The firm said the new Fund III will seek out and back so-called proptech startups that are targeting areas across sustainability, the future of work and retail and the metaverse.
Bosses at Pi Labs said the firm now had significant firepower to deploy and would aim to boost its 60 strong portfolio to over 100 companies by 2025.
“Our fund being 40 per cent oversubscribed positions us to deploy significant quantities of capital, alongside blue-chip institutions, into global markets where proptech startups are reshaping real estate sub-sectors prime for disruption,” Faisal Butt, CEO and Founder of Pi Labs said.
“Pi Labs’ track record and ability to scout, and back, the world’s most innovative proptech companies at the earliest stages makes us a partner of choice for institutions entering the proptech sector.”
The fund marks Pi Labs’ third proptech-focused fund and boasts a range of new blue-chip backers including Dutch pension provider APG, listed UAE developer Aldar Properties, Shard-developer Sellar and King’s Cross Central Limited Partnership.
Backers of the fund hold combined assets under management of around $350bn which Pi Labs said will provide additional co-investment capital, as the firm identifies investment targets.
Pi Labs has already completed 21 investments from capital deployed from Fund III, including US-based warehouse management platform Fulfilld’s $2.5m seed round, and London-based augmented reality startup Dent Reality’s $3.4m seed round.