Pioneering proptech VC, Pi Labs, has announced a strategic £2.5 million investment from leading pan-European real estate fund manager, Revcap, into the Pi Labs business.
The funding was secured to support Pi Labs’ expansion internationally, to grow its multidisciplinary team of real estate, finance, and technology professionals, and to invest into its platform.
Faisal Butt, CEO and Founder of Pi Labs, said: “Revcap is an extremely complementary general partner for Pi Labs. Expanding our strong and collaborative ecosystem across Europe is central to our success, as we continue to act as agile but considered investors in this rapidly evolving landscape.
“Pi Labs was the first PropTech VC and today is the most active in Europe, with over 50 portfolio companies. Revcap’s commitment to Pi Labs is not only an endorsement in our future but is also indicative of the wider industry’s prioritisation of proptech as it continues to become increasingly important across every facet of the real estate value chain.”
Andrew Pettit, Founding Partner at Revcap said: “As a business, we were early adopters of proptech, understanding the importance for the real estate industry to engage with new technologies to increase business efficiency, maximise productivity and help to manage risk. Pi Labs is a market leading VC in the proptech space with a proven track record, making the business a great strategic partner for Revcap as we engage with this emerging sector.”
Pi Labs recently announced the first close of Fund 3, which is projected to invest into 50 proptech companies over five years, almost doubling Pi Labs’ portfolio to 100.
Investment from the fund will range from £250,000 – £1 million per deal, plus a follow-on capital capability. Pi Labs is looking to add a further 6-10 professional investors into the fund, targeting institutional investors from across the UK, Europe, North America, Asia and the Middle East.
The company expects to make 10 new investments in 2020, in addition to follow-ons.