Värde Partners Leads Investment in London-Based VC Pi LabsFebruary 15, 2018
Värde Partners takes a minority stake in property tech-focused Pi Labs. Investment will be used to drive international expansion.
LONDON – Property Innovation Labs (“Pi Labs”), Europe’s first property tech venture capital firm, announces a strategic equity investment to accelerate its global growth. Värde Partners, the global alternative investment firm with $13 billion in assets under management, led the investment.
The new capital injection will be used to scale the business as part of Pi Labs’ aim to create a globally diversified portfolio. London-based Pi Labs, which separately closed its second fund of $10 million in June 2017, will continue to bolster its investment capabilities with larger funds going forward. The VC firm also continues to explore expanding internationally over the next 18 months.
This investment gives Värde, along with the other participants in the capital raise, a minority stake in the London-based VC firm. The Pi Labs management team comprised of Dominic Wilson, Faisal Butt and Mary Criebardis Singh will retain control of all day-to-day operational and investment decisions.
Tim Mooney, Partner and Global Head of Real Estate at Värde, said, “Technology has huge potential to impact the real estate market for the better by improving efficiency and unlocking the hidden underlying value across a range of real estate asset classes. The investment in Pi Labs gives us an important early view into new and emerging technologies. Dominic and the Pi Labs management team have impressed us with their deep knowledge of the property tech sector and strong operational experience, and we are excited to be supporting Pi Labs’ expansion going forward.”
Dominic Wilson, managing partner at Pi Labs, said, “This strategic round will help us accelerate our ability to fund and support high-growth property tech companies world-wide. Though London will remain our headquarters, we are seeing opportunities across a number of markets and we will look to build out our experienced team.
“We received several unsolicited expressions of interest from investors. We were determined to choose our investment partners carefully and for us it was crucial to work with investors who share our culture and vision for the future of the company and the industry more widely. Värde Partners brings a deep level of institutional expertise that comes from building an investment business from scratch to $13 billion of equity globally. Allied with our other investors, mentors and institutional partners, Pi Labs is in a uniquely strong position as it continues to grow.”
About Värde Partners:
Värde Partners is a $13 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, energy, transportation, and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 280 people globally with regional headquarters in Minneapolis, London and Singapore.
About Pi Labs:
Property Innovation Labs (Pi Labs) is an early-stage venture capital firm investing in high potential property tech scale-ups. Pi Labs is committed to identifying and accelerating start-up ventures with the capacity to disrupt the property sector. The firm operates from London and focuses on European and select global investment opportunities. Find out more at www.pilabs.co.uk or follow us on Twitter or Facebook.