Global proptech VC firm Pi Labs has secured $90m for its oversubscribed latest fund, which will back startups revolutionising the real estate world through technology.
Through the fund, Pi Labs will be identifying and investing in the next generation of proptech startups that have developed proprietary technology to enhance any stage of the real estate value chain. This includes technologies that address sustainability challenges and help real estate owners achieve their decarbonisation goals, construction operations, the future of work and retail, metaverse development, robotics adoption, industrial tech and the enablement of smart cities.
Having already built a portfolio of 60 companies across 15 countries and four continents, this latest fundraise will support Pi Labs’ ambition to almost double its portfolio to more than 100 companies by 2025.
The final close welcomed numerous blue-chip institutional investors from around the world, including the largest Dutch pension provider APG, listed UAE developer Aldar Properties, iconic London real estate developer Sellar, King’s Cross Central Limited Partnership (represented by Argent and also including AustralianSuper and Federated Hermes), Hong Kong-based developers Sino Group and Swire Properties, Nordic sustainable construction solutions firm Kiilto, Canadian Hopewell Group and Germany’s Jaeger Gruppe.
Faisal Butt, CEO and Founder of Pi Labs, said: “Raising close to $100m against the backdrop of the Covid-19 pandemic is unprecedented for a fund that primarily targets early-stage proptech ventures. The global profile of our latest fund’s LPs reflects the surge in institutional allocation towards the proptech sector, and an increased awareness of how startups are successfully scaling and solving critical, large-scale industry issues.
“Our fund being 40% 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. 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. Having been the first proptech VC to complete successful exits and deliver returns, we look forward to partnering with our LPs to invest in new technologies that will revolutionise the built environment.”