£2.5m funding for Pi Labs
Pi Labs has secured £2.5m funding.
The PropTech VC received the strategic investment from pan-European real estate fund manager Revcap.
The funding will support international expansion and allow Pi Labs to grow its multidisciplinary team of real estate, finance, and technology professionals.
Andrew Pettit, Founding Partner at Revcap, will join the Pi Labs board.
Faisal Butt, CEO and Founder of Pi Labs, said: “Revcap is an extremely complementary general partner for Pi Labs. Its real estate portfolio across Europe and experience as fund managers across multiple funds will add strategic value for Pi Labs as we undertake a period of growth.
“Expanding our strong and collaborative ecosystem across Europe is central to our success, as we continue to act as agile but considered investors in this rapidly evolving landscape.
“Pi Labs was the first PropTech VC and today is the most active in Europe, with over 50 portfolio companies. We have a clear mission to establish an ecosystem which enhances collaboration between our portfolio companies, traditional real estate companies and our investment partners.
“Revcap’s commitment to Pi Labs is not only an endorsement in our future but is also indicative of the wider industry’s prioritisation of PropTech as it continues to become increasingly important across every facet of the real estate value chain.”
Andrew Pettit, Founding Partner at Revcap, said: “As a business, we were early adopters of PropTech, understanding the importance for the real estate industry to engage with new technologies to increase business efficiency, maximise productivity and help to manage risk.
“Pi Labs is a market leading VC in the PropTech space with a proven track record, making the business a great strategic partner for Revcap as we engage with this emerging sector.”
Pi Labs recently announced the first close of Fund 3, which is projected to invest into 50 PropTech companies over five years, almost doubling Pi Labs’ portfolio to 100.