Pi Labs secures $90m for latest proptech fund

Pi Labs has secured $90m (£68m) for its latest fund with institutional investment from real estate giants including APG, Sellar and Aldar Properties. The proptech VC’s Fund 111 will be Europe’s largest early stage proptech fund and will back start-ups revolutionising the real estate world with technology addressing sustainability, the future of work and retail, robotics, the metaverse, industrial tech, construction and smart cities. Joining Dutch pension provider APG, Sellar and Aldar Properties, the final close included investment from King’s Cross Central Limited Partnership, Hong Kong-based developers Sino Group and Swire Properties, Nordic sustainable construction solutions firm Kiilto, Canada’s Hopewell Group and Germany’s Jaeger Gruppe. Fund 111’s primary focus will be to invest in early stage proptech start-ups – from pre-seed to series A stage – around the world, with average investments ranging from $500,000 to $1.5m per deal, plus follow-on capital. Pi Labs will also deploy capital during later stage rounds to support future scale-ups. 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 start-ups are successfully scaling and solving critical, large-scale industry issues.” James Sellar, chief executive at Sellar, commented: “Sellar’s investment in Pi Labs’ latest fund reflects the importance that we place in supporting technologies that will drive the evolution and digital transformation of the built environment sector. The start-ups that Pi Labs invests in are ultimately the ones that will solve the industry pressure points and challenges, including achieving a cleaner and greener world, which is fundamental when Sellar undertakes development projects.” To send feedback, e-mail emily.wright@eg.co.uk or tweet @EmilyW_9 or @EGPropertyNews