Pi Labs, an active European proptech venture capital and accelerator firm, announced raising $90 million for its third proptech fund, Fund III, according to Tech.EU.
The London-based firm says the fund was oversubscribed by 40%, is its largest to date and will be used to almost double its portfolio to more than 100 companies by 2025. It also says the fund will primarily focus on early stage proptech startups, from the pre-seed to Series A stage, with average investments ranging from $500,000 to $1.5 million per deal.
“Raising close to $100 million 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,” said Faisal Butt, founder and CEO of Pi Labs.
Pi Labs has already used capital from the fund to complete 21 investments, including warehouse management platform Fulfilld‘s $2.5 million seed round and augmented reality startup Dent Reality‘s $3.4 million seed round.
The fund included participation from large institutional investors including Dutch pension provider APG, UAE developer Aldar Properties, London real estate developer Sellar, King’s Cross Central Limited Partnership, Hong Kong-based developers Sino Group and Swire Properties, Nordic sustainable construction firm Kiilto, Canada’s Hopewell Group and Germany’s Jaeger Gruppe, according to the release.
Pi Labs currently has a portfolio of 60 companies across 15 countries and four continents. Additional limited partners (LPs) joining the investor list are Great Portland Estates, Patrizia, Assura, Revcap, Embassy Group, Moorfield, Elkstone Partners, Helical, Europi and Gaedeke, according to Private Equity Wire.
The firm said that as it looks to back the world’s next global proptech unicorn, it will also deploy capital during later stage rounds to “turbocharge the scale-up of the sector’s most promising companies.”
“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,” Butt told PlaceTech.
“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 revolutionize the built environment,” he said.
In other recent proptech news, Intuitive MB launched its “Smart Hospital” IoT operating system in the U.S. VTS also announced a new Chicago office following its successful 2021, stating plans to expand its Midwest footprint.