Proptech investment platform Concrete Ventures has launched a €100m (£86m) target fund backed by major real estate names including SEGRO, Argent and JLL.
The fund, which will back seed and series-A real estate tech start-ups with a focus on ESG, will look to deploy capital to support software companies developing data-driven solutions around sustainability and workflow efficiency within the built environment.
Investors in the fund will include Greystar, Starwood Capital, Nuveen Real Estate, SEGRO, Argent and JLL. The launch comes on the back of a four-year investment period for Concrete funnelling €20m of capital into 20 European start-ups, primarily on behalf of JLL Spark and Starwood Capital.
Speaking to EG, Arnaud van der Wyck, general partner at Concrete Ventures (pictured above, left), said: “The property sector is moving from being a very low-data industry into a new world of data and customer-driven real estate. ESG is going to play a huge role as it moves from being a nice-to-have to an existential issue.
“Concrete operates in this intersection between the old and new world, fuelling innovation in the largest industry on the planet, which is responsible for the highest levels of carbon emissions and energy consumption. It is our mission to invest in innovative start-ups that can deliver solutions to create a more efficient and sustainable world in which to live, work and play.”
Taylor Wescoatt, general partner at Concrete Ventures (above, right), added: “In terms of the timing of this launch, we needed to build our record as credible real estate thought leaders and investors, and we have spent the past five years doing that. 2021 was a pivotal year for us as investors, and for real estate as a sector, and everything aligned from there… Technology innovation has finally landed on the shores of the world’s largest asset class.”
Raj Singh, managing partner at JLL Spark Global Ventures, said: “Concrete Ventures has long served as a trusted adviser on JLL Spark investments, and we are happy to partner with them as they launch their new investment platform. We are confident that together we will generate a positive impact and help shape the proptech industry in EMEA and beyond.”
Jeanne Casey, global head of innovation and property technology at Nuveen Real Estate, said: “As one of the largest investment managers in the world, we continue to find new ways to engage with the global proptech ecosystem. We are pleased to be partnering with Concrete Ventures and are excited by the potential their platform has to help reshape the built environment through investment in technological innovation.”
To send feedback, e-mail emily.wright@eg.co.uk or tweet @EmilyW_9 or @EGPropertyNews
