Canada-based GreenSoil Building Innovation Fund (GBIF), a growth equity vehicle set up by investment firm GreenSoil Investments, has attracted a $26m commitment from property corporation Grosvenor Group, according to BetaKit.
GBIF was launched in May 2015 with an initial $25m in capital from unnamed backers. The fund has a target size of $80m to $100m and is concentrating on the real estate sector, with an initial focus on North America.
Grosvenor expects the investment will help GBIF diversify its portfolio. The two plan on collaborating closely so the fund can tap into Grosvenor’s expertise in the real estate sector.
GBIF has made two investments to date. It led a $5m funding round for US-based utility management cloud platform Goby in December 2015 alongside Second Century Ventures, the venture capital arm of National Association of Realtors.
The fund has also backed Amatis Control, a US-based producer of connected devices and software that can manage environmental aspects of a building such as lighting and heating, ventilation and air conditioning. Details of this investment have not been disclosed.
Andy Yates, investment director at Grosvenor, said: “This is a great opportunity to back a highly skilled team in a fast changing property technology environment.
“GBIF has exactly the skills and business plan that we have been seeking in order to access the broader market opportunity that is being driven by the need to push for greater efficiency in both existing and new building stock.”
GreenSoil’s co-founders include Gideon Soesman, a former corporate venturing executive at conglomerate Royal Philips Electronics.