A fund managed by Round Hill Capital’s property technology venture capital arm is planning to make late-seed investment in European startups.

Round Hill Ventures (RHV) said it has had a first close for European PropTech Fund, a fund ”set to invest €200m in late seed – Series B high growth ventures delivering innovation across the built environment”.

RHV said the fund has attracted “strong demand from large institutional capital, providing access to the fast-growing proptech sector for sovereign wealth and pension funds”.

Michael Bickford, founder and CEO of Round Hill Capital, said: “We are on the cusp of major changes in global real estate as the sector evolves to match modern consumer expectations and streamline its operations.

“We recognised this trend early on and have become deeply ingrained in the European PropTech sector having spent many years integrating technologies into our property management businesses and building relationships with the key Tech players and, ultimately, investing in best of breed Proptech companies ahead of the curve.

“We see a clear market opportunity for technology centred around the modern needs of residents, and I’m excited that our fund will help address this opportunity for investors and society alike.”

Arnie Sriskandarajah, MD of Round Hill Ventures, said: “Attracting blue-chip, top tier institutional investors marks a key step in our success story as global champions of PropTech. Our investors trust our experience and recognise that technology is key to staying competitive in real estate.”

To read the digital edition of the latest IPE Real Assets magazine click here.