Pi Labs, a ‘pre-Series A’ property tech VC based in London, closes $10M second fund

Sep 27, 2017 · techcrunch.com

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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 total of 35 investments.

The London-based firm says it will invest between $70,000 and $4 million in early-stage companies globally "across the full supply chain for real estate, real estate finance and construction asset classes".

To help with this it plans on opening international offices over the next 18 months to invest further in global property tech opportunities, although it isn’t yet disclosing where.

Notably, the second fund — which is more than ten times larger than Pi Labs minuscule first fund — has already invested in 14 property tech startups, primarily in seed and pre-seed rounds. It plans to close roughly another 10-15 deals over the next 12 months.

The VC firm recently co-led a £1 million seed investment in insurance app Brolly. Other recent investments include participating in a £1.5 million seed extension round in Airbnb management service Airsorted, and a £2.5m investment round for Plentific, a platform connecting homeowners to tradespeople.

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