Australia-based real estate investment firm Taronga Ventures has secured corporate backing for a real estate technology fund it plans to close at $100m this year, DealStreetAsia has reported.
Real estate services provider CBRE and real estate investment managers Patrizia and Dexus have all contributed to Real Tech Ventures Fund, according to Jonathan Hannam, co-founder and managing director at Taronga.
A further 13 property investment managers, pension funds and sovereign wealth funds are currently conducting due diligence with a view to investing.
Real Tech Ventures Fund will back Asia-based companies developing technologies that can support innovation in the property sector. Avi Naidu, another co-founder and managing director, will oversee the vehicle from a newly opened office in Singapore.
Hannam told DealStreetAsia: “We tend to be more investor-led so our mandate changes. In this current environment, every (real estate) investor is concerned about how to get people back into the office and wellness is a huge part of that.
“We are looking more into digitisation processes, clean air technology and other types of technologies that make a space more attractive. This was not our focus just six months ago.”
Taronga already invests in companies at growth stage but the new fund will participate in seed and series A deals, providing between $2.2m and $3.6m per transaction. Its existing portfolio includes Openspace, Switch Automation and Ynomia, according to DealStreetAsia.
