JLL Spark has announced the launch of its Global Venture Fund, which will invest up to $100m (£74.66m) in innovative PropTech firms.
JLL Spark is looking for companies which use technology to improve everything from real estate development and management to leasing and investing.
The fund aims to help entrepreneurs and their companies by providing feedback and supporting growth.
Mihir Shah, CEO at JLL Spark and ex-VP of Groupon, commented on the announcement: “Having been entrepreneurs ourselves, we know how hard it is to bring a new product to market, especially in an industry that has been slow to adopt new technology.
“That’s why our goal is to partner with entrepreneurs, and help them tap into the resources of JLL’s business lines so they can succeed in rapidly growing their companies while we also create value for JLL’s clients,” he continued.
Yishai Lerner, fellow CEO of JLL Spark and ex-founder of Mob.ly, added: “JLL’s commitment to technology has already had a large impact. By joining the company, we have an exciting opportunity to build an incredible team and help realize JLL’s hunger and aspirations for greater innovation.”
Although the fund will be used for select later stage rounds, it will focus on Seed and Series A investments, with the typical investment size ranging from a few hundred thousand to several million dollars. Whilst JLL Spark is headquartered in San Francisco, it will be investing in companies based all over the world.
Christian Ulbrich, JLL’s Global CEO, concluded: “Creating this $100m venture fund through JLL Spark allows us to continue to lead the real estate industry in bringing the best PropTech ideas to reality. It complements and expands our substantial ongoing investments in innovative, cutting-edge digital solutions, which is a core part of our vision and commitment to achieve ambitions for our clients.”