Patrizia has expanded its existing involvement in the property technology sector via a partnership to invest in early-stage European proptech start-ups.
The real estate investment manager has made a “strategic investment” by committing an undisclosed sum to Pi Labs’ third fund “to enhance its global innovation ecosystem”.
The latest deal by Patrizia adds to the German-based company’s existing involvement in the proptech sector.
Earlier this week it acquired BrickVest, a real estate crowdfunding platform that recently went into administration. Last year, it invested in WiredScore alongside British Land, and in 2018 invested in artificial intelligence company Evana.
Manuel Käsbauer, chief technology and innovation officer at Patrizia, said: “We continue to be at the forefront of real estate innovation and this partnership will contribute to spotting tomorrow’s trends and in shaping the future of our industry – a sector which will increasingly be driven by technological advancements that improve overall efficiency, quality and transparency.
“Partnering with Pi Labs we will jointly nurture and learn from the next generation of proptech enterprises. Our investment in Pi Labs’ will increase our global tech coverage to identify new solutions, which will help further improve the services we provide to our clients.”
Faisal Butt, CEO, chairman and founder of Pi Labs, said: “We are excited to gain Patrizia as a strategic investor in Pi Labs’ Fund 3.
“Patrizia adds value to our start-ups through its global reach and substantial real estate expertise as well as its forward-looking internal set-up and vision.”