Property Innovation Labs (Pi Labs), an accelerator-became-early-stage VC fund that invests in property tech startups ‘pre-sequence A’, has closed a second fund of $ 10 million, from which it plans to make a complete of 35 investments.
The London-based mostly firm says it’ll make investments between $ 70,000 and $ four million in early-stage organizations globally “throughout the total deliver chain for real estate, real property finance and construction asset classes”.
To help with this it plans on opening overseas places of work over the subsequent 18 months to make investments further in global property tech opportunities, even though it isn’t yet disclosing where.
exceptionally, the second fund — which is more than ten times greater than Pi Labs minuscule first fund — has already invested in 14 property tech startups, basically in seed and pre-seed rounds. It plans to close roughly yet another 10-15 offers over the next three hundred and sixty five days.
The VC firm lately co-led a £1 million seed investment in assurance app Brolly. different fresh investments encompass collaborating in a £1.5 million seed extension circular in Airbnb administration provider Airsorted, and a £2.5m funding round for Plentific, a platform connecting homeowners to tradespeople.
besides making new investments — and now that it has a larger fund — Pi Labs says it’s going to also seem to be to comply with on and invest in multiple rounds to extra support its portfolio organizations as they scale and develop. mainly, even as its “pre-seed funding programme” continues to be a cornerstone of the Pi Labs method, the VC says going ahead it plans to set up the vast majority of the new fund at seed stage.
“in the last 36 months we have stepped forward from an accelerator focused fund to a VC that proactively invests across the seed spectrum, which has placed us on the very centre of the property innovation ecosystem,” says Dominic Wilson, co-founder and Managing accomplice of Pi Labs.
“we have already invested in a couple of tremendous alternatives with this new fund and notice an awful lot extra to do over the next 24 months. we’re proud to have directly develop into a big increase engine for the nascent property tech business.”
in the meantime, buyers within the second fund encompass round Hill undertaking partners, and partners from Prestbury Investments. There are 26 investors, the majority of which can be institutional or family office traders throughout the U.k., Europe, U.S., Canada and the middle East.
Fundings & Exits – TechCrunch