UK-focused real estate fund manager Moorfield Group has become the latest investor to back property technology venture capital firm Pi Labs.

Moorfield Group and Irish multi-family office Elkstone Partners are the latest to join as limited partners into Pi Labs Fund 3 (Fund III).

Pi Labs said the new funding gives it additional firepower to continue to invest in the next generation of proptech start-ups.

“These latest investments in the Pi Labs fund demonstrate the growing appetite for exposure to the proptech sector amongst both UK and international investors,” Pi Labs said, without disclosing the fundraising amount.

The latest capital raise follows a recent announcement that Indian real estate conglomerate Embassy Group has also backed the third fund.

Pi Labs’ current strategic partners who have invested into Fund III include Great Portland Estates, Assura, Patrizia and Revcap.

Having already invested in 17 companies out of the new fund since the beginning of the pandemic, Pi Labs is Europe’s most active proptech VC, with over 55 investments in its portfolio, Pi Labs said.

This strategic investment will allow the new limited partners to trial, pilot, and deploy the latest technologies across their portfolio of properties.

“As strategic limited partners, Moorfield Group and Elkstone Partners will gain early access to Pi Labs’ start-ups and proptech research and co-investments alongside Pi Labs for select opportunities,” it said.

Faisal Butt, CEO and founder at Pi Labs, said: “We are delighted to welcome Moorfield Group and Elkstone Partners as new limited partners in our third fund. Their real estate portfolios and experience as developers, investors and real estate managers will add strategic value for Pi Labs and our growing portfolio of over 50 companies. Expanding our Proptech ecosystem across Europe and internationally is central to our success, as we continue to act as the gateway between real estate investors and the rapidly changing Proptech world that we are at the front lines of.

Charles Ferguson-Davie, CIO at Moorfield Group, said: “Technology is going to continue to disrupt the way we live and work and we want to ensure that we keep pace with the changing landscape.

“We are excited to be supporting Pi Labs in their search for the next generation of technology experts who will shape the future of the real estate industry.”

Alan Merriman, founder of Elkstone, said: “Access to the very best opportunities is key. At Elkstone we have been very deliberate in building up a very select portfolio of international venture fund investments that we look to leverage from a strategic and learnings perspective. it’s a good way to source deals to co-invest in. Real Estate is a space that we know and feel we should have an edge in, so we think there is a natural marriage by working with Pi Labs.”

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