Real estate developer Embassy Group has made a capital commitment of undisclosed size to the third fund of UK-based, property technology-focused venture capital firm Pi Labs.
Other limited partners committed to Pi Labs Fund III include property developer Great Portland Estates, healthcare-focused real estate investment trust Assura, real estate investment manager Patrizia and real estate fund manager Revcap.
Revcap had supplied $3.1m to Pi Labs’ third fund in March 2020, after the vehicle held a $23m initial close earlier that month.
Aditya Virwani, chief operating officer of Embassy Group, said: “Our investment in Pi Labs is forward-looking, with the intention of identifying and experimenting with innovations from visionary startups to deploy in our properties, accelerate our consultative capabilities with customers and augment Embassy Group’s legacy strengths to prepare for the next two decades.”
PropertyFundsWorld reported Pi Labs was intending to hit a $75m target by the end of 2020, but it is unclear how much total capital the fund has secured to date.
Founded in 2014, Pi Labs is focused on investing in early-stage companies developing technology for the real estate sector. It typically invests from the pre-seed to series A stage and also operates an annual, 15-week accelerator.
The VC firm has built a portfolio of more than 55 property technology developers located across Europe.
Pi Labs raised $10m of commitments from investors including Round Hill Venture Partners for the close of its second investment vehicle in 2017.
In 2016, Pi Labs entered a strategic partnership with Bosa Ventures, a corporate venturing unit for real estate developer Bosa Properties.