US-based real estate developer Tishman Speyer has raised $100m for a property technology-focused venture capital fund and is targeting $150m for its final close.
National Pension Service of Korea and Investment Management Corporation of Ontario are anchoring Tishman Speyer Proptech Venture Fund, which will focus on real estate technology developers that could theoretically leverage Tishman Speyer’s real estate portfolio and existing relationships.
The company said it has invested in 19 companies since 2017. Those deals include a $20m series B round for budget tracking software provider Monograph in November 2021 and a $20m series A for augmented reality technology developer for construction XYZ Reality five months earlier.
Earlier Tishman Speyer deals include a $90m series D round for real estate software developer VTS, a $160m series B round for upscale holiday accommodation provider Lyric, and a $126m series B for smart lock maker Latch, all in 2019.
Rob Speyer, chief executive of Tishman Speyer, said: “This is an exciting moment for real estate, an industry that will be transformed by cutting-edge innovation. We are in the initial stages of a profound disruption that promises to dramatically improve how our customers, partners and vendors interact with buildings.
“The Proptech Venture Fund gives Tishman Speyer the opportunity to help shape and accelerate this ongoing transformation by championing the next generation of innovators.”
Image courtesy of Tishman Speyer.
