Leading 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.
Since 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.
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