A series of big real estate firms have invested in a new $60M PropTech venture capital fund, according to TechCrunch.
JLL, Equity Residential, Divco West Real Estate and French construction firm Saint-Gobain have all invested in the new fund raised by Los Angeles-based PropTech specialist Navitas Capital.
The fund is one of the largest specific PropTech funds raised so far, and highlights the growing interest in the sector. Crunchbase, TechCrunch’s data website, said that in the first three quarters of the year PropTech firms raised $400M, compared to $300M in the same period last year.
The fund, Navitas’ second, will focus on early-stage startups and look to invest around $5M in each company it backs.
The company has not made any big exits from its first fund, but has managed to help grow the companies in which it has invested and has raised new capital for them, including from some significant real estate firms. In October Brookfield Property Partners invested in a $13M funding round for project management firm Honest Buildings.
JLL also set up its own PropTech joint venture called Concrete with a series of real estate firms including Starwood Capital.
The largest specialist PropTech VC fund was the $212M fund raised by Fifth Wall Ventures in May.
Hear about PropTech funding at Bisnow London's upcoming PropTech event.
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