Singapore-based property group City Developments Limited (CDL) has become the latest investor to back a built environment technology fund managed by Taronga Ventures.
Property technology firm Taronga said it has secured a commitment from the Singapore-listed global real estate developer for its RealTech Ventures I (RTVI).
The amount committed by CDL was undisclosed.
Last month, IPE Real Assets reported that Dutch pension investor APG and Ivanhoé Cambridge had backed the Asia proptech fund.
As previously reported, PGIM Real Estate, Patrizia, CBRE, and Dexus have all backed RTVI, a fund that targets companies active in proptech, construction technology, mobility, infrastructure, energy and sustainability, as well as data and internet of things.
Sherman Kwek, CDL Group CEO, said: “With evolving lifestyle needs and the urgent need for climate action, we are seeing a dynamic shift within the real estate sector where access to emerging technology will become a key differentiator.”
Kwek said CDL’s investment in Taronga Ventures allows the company to partner the market’s best in class to drive product and process innovation.
“We can leverage their expertise to glean market insights into the future of real estate and gain access to emerging technologies that can be applied across our diversified real estate portfolio.
”Their focus on green innovations complements our ESG and sustainable investment initiatives, and supports our decarbonisation efforts,” Kwek said.
Jonathan Hannam, co-founder and managing partner at Taronga Ventures, said: “Having worked closely with CDL in other roles and capacities for many years, we have always seen them as a first mover and pioneer.
”As a market leader in sustainability, CDL continues to chart new pathways to enhance its business and environmental performance through a focus on innovation and technology.”
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