A fund managed by property technology venture capital firm Pi Labs has received financial backing from commercial property firms Helical, Gaedeke and Europi Property Group.

The trio have joined Pi Labs Fund 3 (Fund III) as limited partners.

In July, UK-focused real estate fund manager Moorfield Group and Irish multi-family office Elkstone Partners also committed to Fund III.

Pi Labs said in addition to new investors, several existing investors from Fund I and Fund II have re-invested into Fund III.

Pi Labs said it expects the amount of capital from re-ups from existing investors to exceed 100% of the total size of Fund I and Fund II combined, Pi Labs.

The funding will support the firm’s investment strategy of identifying the next generation of proptech start-ups, Pi Labs said.

Faisal Butt, CEO and founder at Pi Labs, said: “The new partners joining our third fund is a real testament to the sustained focus and importance of the proptech sector. The sector continues to evolve and innovate, unlocking new technologies that are helping to address global issues, especially in the post-COVID landscape, and we are proud to continue to be at the forefront of proptech investing globally.

“The real estate portfolios and experience of our new partners, Helical, Gaekede and Europi, will add strategic value for Pi Labs and our growing portfolio of over 60 companies.”

James Moss, company secretary and group financial controller at Helical, said: “Helical’s investment in Pi Labs’ latest fund reflects the importance we place on supporting businesses and technologies that aim to help drive the evolution of our workplaces.

”As people return to the office following a period of significant disruption and enforced working from home, it’s now more important than ever that the office motivates team members, enables learning, encourages collaboration and helps foster a positive company culture.”

Jonathan Willén, CEO and co-founder of Europi Property Group, said: “Through our network in the Nordics, we look forward to being a strategic partner for Pi Labs and assisting with both investment ideas and local market knowledge in collaboration with Brunwick Ventures.

”At Europi we invest through an established partner network with a focus on social and environmental sustainability, therefore it is a natural corporate development for us to partner with a leading innovation group like Pi Labs.”

Sabine Stener, CEO of Gaedeke Group, said: “Technological innovation has reached the inflection point where the way we interact with the built environment is changing massively. We are excited to expand our proptech investment exposure into EMEA with Pi Labs.”

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