Pi Labs, a specialised property tech venture capital firm, has raised $10m (£7.4) to continue investing in PropTech startups.
The new fund, combined with capital from its strategic co-investors, gives Pi Labs’ $20m ($14.8m) in total as it looks to close 35 deals in the space.
Pi Labs will seek to invest between $70,000 ($52,000) and $4m (£2.4m) in early-stage pre-Series A companies operating across the full supply chain for real estate, real estate finance and construction asset classes.
Investors in the fund included Round Hill Venture Partners LLC and partners from Prestbury Investments LLP, joined by 24 other investors, the majority of which are institutional or family office investors based in the UK, Europe, US, Canada and the Middle East.
Dominic Wilson, co-founder and managing partner of Pi Labs, said: “This is a significant milestone for Pi Labs. We’ve attracted a large number of well-known and influential investors to the second fund and our portfolio companies will be able to benefit from a huge wealth of experience and a true global reach.”
“In the last 36 months we have progressed from an accelerator focused fund to a VC that proactively invests across the Seed spectrum, which has placed us at the very centre of the property innovation ecosystem. We have already invested in a number of exceptional opportunities with this new fund and see plenty more to do over the next 24 months. We are proud to have quickly become a significant growth engine for the nascent property tech industry.”
Nick Leslau, chairman of Prestbury Investments LLP and lead investor in the new fund, added: “Technology will significantly impact the real estate market. We see significant opportunities to improve efficiencies across many parts of the industry and the Pi Labs management team is extremely well-positioned to identify the companies likely to succeed in those areas.
“The Pi Labs team’s success to date shows that they have a keen sense for both picking winners and then supporting them as they scale quickly. I am really pleased to be working with and supporting such a smart, motivated and talented team.”