New York-based property technology (PropTech) venture capital firm MetaProp recently announced closing its latest real estate technology seed fund. The oversubscribed $100 million MetaProp Ventures III, L.P. is more than two and a half times the size of the company’s second fund, which closed at $40 million in 2018.
MetaProp has invested in in more than 130 early-stage tech companies across the property value chain since it was founded in 2015. The company’s portfolio comprises a number of the world’s most innovative PropTech leaders including Spruce, HqO, VergeSense and Morty. MetaProp’s Fund III investments include fast-growing PropTech startups like Proper.ai, GoFor, High Arc and Milo Credit.
A variety of institutional investors and industry leaders have made financial commitments to MetaProp’s most recent fund. These investors are from various parts of the world, including North America, the Middle East, Asia, Europe, and Latin America and manage more than 20 billion square feet of real estate. Long-time investors such as Cushman & Wakefield, JLL Spark, CBRE have contributed to MetaProp’s Fund III. Meanwhile, new leaders from around the globe such as Ivanhoe Cambridge, Messer, Development Bank of Japan and Ferguson have joined the company’s fundraising efforts.
Building the largest PropTech Portfolio
“We’ve built the largest PropTech investment portfolio, and our investment team sees more than 200 new PropTech startups every month,” Aaron Block, Co-Founder & Managing Partner at MetaProp said in a statement. “This unmatched deal flow allows our real estate limited partners to benefit from outsized investment returns, as well as exclusive access, insights, and PropTech startup engagement via MetaProp’s exclusive Innovation Services platform.”
For PropTech entrepreneurs, MetaProp’s real estate funds bring them into the broadest global real estate distribution network and curated growth support. They’re also introduced to more than 1,000 clients, PropTech talent and investors a year.
“Technology is rapidly disrupting real estate and will be transformative to our industry for years to come,” Sara Shank, PGIM Real Estate’s Head of Innovation said in a statement. “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.”
“PropTech is increasingly important during these COVID-19 pandemic times, the associated global economic recovery, and workers going back to the office,” MetaProp Co-Founder and General Partner Zach Aarons said. “Real estate practitioners have changed the way they value technology and innovation. What was previously a ‘nice-to-have’ has turned into a ‘must-have,’ especially for multinationals and regional industry leaders.”
Joe Dyton can be reached at joed@fifthgenmedia.com.
