Singapore-based real estate developer CapitaLand launched a S$100m ($74m) corporate venturing fund called C31 Ventures yesterday that will invest globally to boost innovation in the real estate market.
The unit will invest at series A to C stage in startups developing energy, building and construction, building materials, architectural design, buildings operations and maintenance, real estate funding and customer engagement technology.
C31’s first investment is an $11m contribution to Early Stage Venture Fund III, an early-stage fund run by Singapore government’s National Research Foundation. CapitaLand also became one of Microsoft Accelerator’s global network partners earlier this month.
Lim Ming Yan, president and CEO of CapitaLand, said: “C31 Ventures will allow CapitaLand to invest in promising tech startups that are relevant and add value to our business.
“CapitaLand’s portfolio of real estate assets offers a living lab to startups where they can validate their ideas and prototypes. Given our strong foothold in Asia, CapitaLand will also serve as a conduit for startups to enter the regional market, especially China.
“We are confident C31 Ventures will greatly sharpen our innovation focus on real estate and customer engagement, bolstering our efforts to develop integrated and interconnected smart buildings as well as create seamless online and offline customer experiences.”