Property Innovation Labs (Pi Labs), an accelerator-turned-early-stage VC fund that invests in property tech startups ‘pre-Series A’, has closed a second fund of $10 million, from which it plans to make a overall of 35 investments.
The London-based company says it’s going to make investments between $70,000 and $four million in early-stage corporations globally “across the full supply chain for real estate, real estate finance and construction asset classes”.
To lend a hand with this it plans on opening world places of work over the following 18 months to speculate additional in world property tech alternatives, despite the fact that it isn’t but disclosing the place.
Notably, the second fund — which is greater than ten occasions higher than Pi Labs minuscule first fund — has already invested in 14 property tech startups, essentially in seed and pre-seed rounds. It plans to near more or less some other 10-15 offers over the following 12 months.
The VC company lately co-led a £1 million seed funding in insurance coverage app Brolly. Other fresh investments come with collaborating in a £1.five million seed extension spherical in Airbnb control provider Airsorted, and a £2.5m funding spherical for Plentific, a platform connecting house owners to tradespeople.
In addition to creating new investments — and now that it has a higher fund — Pi Labs says it’s going to additionally glance to apply on and make investments in more than one rounds to additional enhance its portfolio corporations as they scale and develop. Specifically, while its “pre-seed investment programme” stays a cornerstone of the Pi Labs technique, the VC says going ahead it plans to deploy nearly all of the brand new fund at seed degree.
“In the last 36 months we have progressed from an accelerator focused fund to a VC that proactively invests across the seed spectrum, which has placed us at the very centre of the property innovation ecosystem,” says Dominic Wilson, co-founder and Managing Partner of Pi Labs.
“We have already invested in a number of exceptional opportunities with this new fund and see plenty more to do over the next 24 months. We are proud to have quickly become a significant growth engine for the nascent property tech industry.”
Meanwhile, traders in the second fund come with Round Hill Venture Partners, and companions from Prestbury Investments. There are 26 traders, nearly all of which can be institutional or circle of relatives workplace traders around the U.Ok., Europe, U.S., Canada and the Middle East.