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
Real estate firm Embassy Group on Thursday said it has joined proptech venture capital (VC) firm Pi Labs’ third fund as a limited partner (LP).
The investment will support its commitment to the transformation of the real estate sector through innovative technology, drawing on synergies from Pi Labs proptech ecosystem, the Bengaluru-based developer said.
The covid-19 pandemic has led to faster digital adoption by the real estate sector, as physical site visits and sales remained restricted.
Pi Labs is Europe’s most active proptech VC, with over 55 investments in its portfolio and has launched two funds (Fund 1 in 2015 and Fund 2 in 2017) before the current fund. It is currently fundraising for Fund III which had its first close in early 2020 after securing €23 million of investment.
The strategic investment by Embassy Group will form a gateway for Pi Labs and its portfolio companies in Asia. It will also enable Embassy Group to access its innovation, research and cutting-edge ideas in built-environment technology.
This will enable the real estate firm to trial, pilot, and deploy newer technologies across its pan-India portfolio of properties. Embassy Group will also receive priority access to innovative startups in Pi Labs’ network, including those emerging from its accelerator. As an LP, Embassy Group will be able to shape proprietary research and co-invest alongside Pi Labs for select opportunities.
“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," said Faisal Butt, chief executive officer and founder at Pi Labs.
“By welcoming Embassy Group to our ecosystem, we are able to deploy and trial technologies across their diverse properties in Asia, taking high growth startups mainstream, and continuing to elevate the category around the world. As proptech continues to thrive across innovation hubs globally, we will continue to identify active partnerships, such as this one with Embassy Group, to help our portfolio companies scale into international markets," Butt added.
Embassy Group has a wide interest in the real estate sector, including business parks, commercial real estate, industrial parks, and hospitality. It caters to a wide swathe of client organizations and diverse industries whose demands and expectations also vary widely.
“The past year has accelerated digital transformation across sectors. In the real estate category, we have a generational opportunity to transform how people live, work, and interact, using technology. 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," said Aditya Virwani, chief operating officer, Embassy Group.
Pi Labs attracts a global base of LPs from North America, Europe, Middle East, APAC, and Asia.
Pi Labs’ current strategic partners who have invested into Fund 3 include Great Portland Estates PLC, Assura PLC, and PATRIZIA AG besides other real estate investment managers in Europe and pan-European real estate fund manager Revcap.
Founded in 2014, Pi Labs was the first VC firm in Europe to exclusively invest in proptech companies. The company positions itself as a bridge between traditional real estate companies and proptech startups across Europe.
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