Several corporate investors have committed capital to the third fund for US-based venture capital firm MetaProp, which closed at $100m on Monday.
MetaProp was founded in 2015 and focuses on real estate technology developers. Its third fund is significantly larger than its previous vehicle, which closed at $40m in 2018.
The fund’s limited partners (LPs) include real estate services providers Cushman & Wakefield, CBRE and JLL, the last of which was represented by its corporate venturing unit, JLL Spark.
Property developers Mitsui Fudosan, Ivanhoe Cambridge, Damac, Ananda Development and Swire Properties also contributed to the vehicle, as did construction materials provider Eugene Corporation, heating and plumbing equipment maker Ferguson and industrial gas supplier Messer.
Intact Ventures, the VC subsidiary of property and casualty insurance group Intact Financial, is also an LP, along with financial services holding group Sumitomo Mitsui Trust Bank and PGIM, the asset management arm of insurer Prudential Financial.
Real estate-focused investment firm Jakarta Setiabudi Internasional, Development Bank of Japan and investment manager Bridge Investment Group made up the rest of the fund’s backers.