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Concrete Ventures targets £86m for proptech investment fund

Concrete Ventures

Proptech investor Concrete Ventures is looking to raise €100m (£86m) to invest in seed and Series A proptech startups in Europe, the Middle East and Africa.

Concrete Ventures declined to reveal how much of the fund it has raised so far, but told UKTN when it reaches its target it will make seed investments of €100,000-€500,000 (£85,000-£429,000) and Series A investments of €1m-€3m (£859,000-£2.5m).

Previous UK investments made by the firm contain building sensor maker Infogrid, property development company LandTech and artificial intelligence (AI) property manager Adam.

“The real estate sector is entering a new age of technological innovation where winners and losers will be created by their ability to adapt and survive or thrive,” said Arnaud van der Wyck, general partner, Concrete Ventures.

In the last four years, Concrete has invested over €20m (£17m) for Starwood Capital Group and JLL Spark in 20 startups across Europe.

A record year for UK proptech

Headquartered in London, Concrete is partnered with the likes of JLL Spark, Starwood Capital, Nuveen Real Estate, Greystar, SEGRO, and Kings Cross Central Limited Partnership. Combined, they have €450bn (£386bn) of assets under management.

“Technology innovation has finally landed on the shores of the world’s largest asset class. Concrete works with their world-leading real estate partners and visionary start-up founders to chart stronger pathways into this exciting next 10-20 years of built environment transformation,” said Taylor Wescoatt, general partner, Concrete Ventures.

Concrete’s fund follows a record year for UK proptech investment, with startups attracting £1.6bn.

Proptech startups have continued to scoop up more capital this year, with property investment platforms IMMO raising £57m and Shojin closing a £3m round, both in April.

There are more proptech startups rising through the ranks, with nine firms recently completing Pi Lab’s accelerator programme and going on to raise a combined £15m.