£30m MORE to be invested in proptech as investment firm reveals expansion plans

first_imgLeading proptech backer and investment firm Pi Labs has revealed that it is to significantly ramp up its investment activity within the proptech sector.The company, which has already raised £110 million and backed 44 tech firms, says it will increase its sum invested in each start-up from £250,000 to £1 million and double the number of companies it backs each year.“Whilst in the past the Fund didn’t usually lead rounds, but preferred to co-invest,  we intend to become more flexible and will either lead the round or co-invest, depending on the situation,” says Pi Labs founder Faisal Butt.CohortsSince 2012 Pi Labs has backed half a dozen proptech companies each year in seven cohorts, each of which are mentored and given financial backing during their early-stage development.This year these included data-driven property sales platform Cribz, interiors firm Decology, rent-to-buy lending platform RenterBuyer and mortgages disrupter Group Ladder.Pi Labs has backed 44 so far but says it aims to raise this to 100 by 2024. To achieve Faisal Butt, who until recently was its chairman, is to become the company’s CEO.“I have always been the chairman of the company and on the investment committee, so all the deals were closed with my blessings, following the appropriate approvals. Therefore, I don’t think it’s a big transition for me in terms of roles,” he says.Previous proptech firms backed by Pi Labs include Airbnb property management firm Airsorted, artificial intelligence-based concierge platform AskPorter and most famously it was an early backer of eMoov.Read more about proptech.Pi Labs Emoov faisal butt June 24, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » £30m MORE to be invested in proptech as investment firm reveals expansion plans previous nextProptech£30m MORE to be invested in proptech as investment firm reveals expansion plansWhile some say the proptech ‘boom’ is over, Pi Labs is to increase its investment into the sector substantially and double number of start-ups it supports.Nigel Lewis24th June 201901,795 Viewslast_img read more

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