Pi Labs has raised $23M in the first phase of its third funding round

Pi Labs, a proptech venture capital, has ended the first part of its third funding round (Fund 3) at $23 million. 

This funding round is expected to hit its target by the end of this year, has a goal of $75 million.

Fund 3’s first close has been achieved through a commitment of institutional capital from leading real estate investment companies including FTSE-listed Great Portland Estates PLC, FTSE-listed Assura PLC, PATRIZIA AG, among the top 10 real estate investment managers in Europe and pan-European real estate fund manager Revcap, as Pi Labs raises its largest fund to date. This funding includes commitments to the new fund and the overall Pi Labs group.

Launched in 2014, Pi Labs is one of Europe’s longest standing proptech VC, with an industry-leading track record across 43 investments. Pi Labs has been the first institutional investor in some of Europe’s leading proptech companies including deal origination and due diligence platform Land Technologies, property management platform Plentific, and flexible office platform OfficeRnD.  

The third fund, which is expected to reach a final close at more than five times Pi Labs’ previous fund (Fund 2), has a primary focus to invest into early stage proptech start-ups across Europe and the UK. Active capital will also be deployed to support scaling proptech companies targeting mid to later stage investments. 

Pi Labs invests in start-ups that use technology solutions to enhance any stage of the real estate value chain. Key areas of focus for the current fund include sustainability, future of work, future of retail, commercial real estate technologies, construction technology, and smart cities.

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