UK-based accelerator and venture capital platform Pi Labs has attracted £2.5m ($3.1m) from property-focused fund manager Revcap for its third fund, Property Week has reported.
The fund reached a $23m initial close earlier this month on the way to a final target of $75m expected by the end of 2020, according to PropertyFundsWorld.
Other limited partners in the fund include real estate investment manager Patrizia, healthcare real estate investment trust Assura, and property developer and investment firm Great Portland Estates. Andrew Pettit, founding partner at Revcap, has joined Revcap’s board of directors.
Pi Labs runs an accelerator and invests in pre-series A rounds for developers of real estate technologies in areas including sustainability, work, retail, commercial real estate, construction technology and smart cities.
Bosa Ventures, the corporate venturing arm of real estate developer Bosa Properties, became a strategic partner of Pi Labs in 2016. Its second fund closed at $10m in 2017 according to TechCrunch and its partners have included corporates Houst, RenterBuyer and FenestraPro.