JLL has joined forces with Starwood Capital and tech investor Seedcamp to launch Concrete, an accelerator to help property tech companies to scale more effectively.
The announcement comes a year after it was reported that Cushman & Wakefield was in talks with US-based Starwood Capital and Seedcamp to launch a similar venture.
Starwood Capital is a long-term investor in global real estate, securities and debt but is not known for its investment in proptech.
Seedcamp was set up in 2007 to invest in pre-seed and seed stage start-ups around the world. Since its inception, it has invested in more than 200 companies.
Concrete has been launched to help proptech companies access sufficient capital, have better access to expertise, and to help build networks to grow rapidly enough to serve large clients.
Guy Grainger, EMEA chief executive at JLL, said: “Our alliance with Concrete enables JLL to be at the forefront of the next generation of real estate-related technologies. It also helps us to meet our strategic objectives of bringing tech-related benefits to our clients and leading the transformation of the real estate industry more broadly.”
Concrete has already invested in three proptech firms: HubbleHQ, Opensensors.io, and Beagle.ai.
Tushar Agarwal, chief executive of Hubble, said: “JLL’s decision to work with Seedcamp sends a huge signal to the market that technology is disrupting the sector – very quickly. With the impending AI revolution hitting property agents, leasing platforms such as VTS/Hightower affecting landlords and asset managers, and IOT completely changing the way we view and operate within our built environment, it’s encouraging that such a big name in the industry is taking bold steps to help shape the future, rather than be disrupted by it.
“However, it’s yet to be determined whether this is just a branding exercise, toe in the water, or a full commitment to technology – the only real way to answer that question is to see if they put (a lot) of their money, where their mouth is.”
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