Embassy Group has become the latest real estate investment firm to back property technology venture capital firm Pi Labs.

The Indian real estate conglomerate has invested an undisclosed amount in Pi Labs Fund 3 as a limited partner.

By participating in Pi Labs’s third fund as a limited partner, Embassy Group is “positioning itself to take the industry forward in technology adoption”, Embassy Group.

The investment will support Embassy Group’s commitment to the transformation of the real estate sector through innovative technology, drawing on synergies from Pi Labs proptech ecosystem.

Pi Labs has over 55 investments in its portfolio. The global venture capital firm’s current strategic partners who have invested into Fund 3 include Great Portland Estates, Assura, Patrizia and Revcap.

Embassy Group said its investment will form a gateway for Pi Labs and its portfolio companies in Asia.

“As a limited partner, Embassy Group will be able to shape proprietary research and co-invest alongside Pi Labs for select opportunities,” Embassy Group said.

Faisal Butt, CEO and founder at Pi Labs, said: “Proptech is a truly global category, its increased growth and adoption makes it one of the most exciting and transformative areas for investment and innovation.

“We have made investments in over 10 countries across three continents, and this strategic partnership will allow us to draw on synergies with Embassy Group and its leadership in Asia to support our increasingly global strategy.

Aditya Virwani, COO of the Embassy Group said: “Our investment in Pi Labs is forward-looking, with the intention of identifying and experimenting with innovations from visionary startups to deploy in our properties, accelerate our consultative capabilities with customers, and augment Embassy Group’s legacy strengths to prepare for the next two decades.”

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