New York-based MetaProp has closed its third fund, raising $100m (£84m) to invest in early-stage proptech firms.
The fund is more than double the size of its second fund, which closed in 2018 at $40m.
The latest fund includes commitments from institutional investors and a consortium of industry leaders from North America, Europe, the Middle East, Asia and Latin America that own and manage more than 20bn sq ft of real estate.
Long-term investors in MetaProp’s funds include PGIM, Mitsui Fudosan, CBRE, Bridge Investment Group, Cushman & Wakefield and JLL Spark.
Ivanhoé Cambridge, Intact Ventures, Messer, and Ferguson, DAMAC, Development Bank of Japan and Sumitomo Mitsui Trust Bank, Swire Properties, Jakarta Setiabudi Internasional, Eugene Corporation, and Ananda Development are all new investors in the fund.
“We have built the largest proptech investment portfolio, and our investment team sees more than 200 new proptech start-ups every month,” said Aaron Block, co-founder and managing partner at MetaProp. “This unmatched deal flow allows our real estate limited partners to benefit from outsized investment returns, as well as exclusive access, insights, and proptech start-up engagement via MetaProp’s exclusive Innovation Services platform.”
“Technology is rapidly disrupting real estate and will be transformative to our industry for years to come,” added PGIM Real Estate’s head of innovation, Sara Shank. “As an important part of scaling our own global innovation strategy, our partnership with MetaProp accelerates our ability to stay ahead of the curve in technology advancements and identify the likely winners among the myriad of proptech start-ups.”
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