Property Innovation Labs (Pi Labs), an accelerator-turned-early-stage VC fund that invests in property tech startups ‘pre-Series A’, has closed a second fund of $10 million, from which it plans to make a total of 35 investments.
eMoov, one of a number of online real estate agents fighting it out in the U.K., has picked up £9 million in new backing. The round was led by consumer investment group JXC Ventures, with participation from existing investors Episode 1 VC, Maxfield Capital, Spire and Startive Ventures.
UK InsurTech startup Brolly has closed a £1m Seed round led by Valar Ventures and Pi Labs. According to TechCrunch, Entrepreneur First also took part via its £40m ‘Next Stage Fund’. Other investors in the round included Alan Morgan, chairman of MMC Ventures; Bruce Macfarlane, managing partner of MMC Ventures; Michael Mire, non-executive director of Aviva; and Christian Angermayer, founder of Apeiron Investment Group.
Online mortgage broker Trussle is proposing that a new set of industry standards be introduced to the mortgage market, to offer consumers much-needed support with switching. In a white paper published today, Trussle outlines five initial recommendations for a Mortgage Switch Guarantee, designed to address wide-scale ‘switching inertia’ and the issue of mortgage prisoners, both of which are costing UK mortgage borrowers billions of pounds every year.
Hubble, a London-headquartered a startup founded in 2014 to ride the coattails of the trend towards flexible office space, has picked up £1.2 million in new funding. Leading the round is Firestartr, with participation by 500 Startups, Maxfield Capital, and Concrete. The latter is a ‘proptech’ fund backed by Seedcamp and Starwood Capital and for which Hubble is its first tech investment.
London-headquartered real estate investment firm 90 North has cut the ribbon on its fourth global outpost with a new office in the heart of Sydney’s Central Business District. The investment manager has snagged space overlooking some of the Australian city’s most iconic attractions, including Sydney Harbour Bridge and Sydney Opera House, as it looks to capitalise on further opportunities in the Australian market.
Headed up by experienced real estate operator Michael Dowling, the property investment manager’s new office joins its London, Chicago and Kuala Lumpur outposts in its global network. Philip Churchill, Founder and Managing Partner at 90 North, commented: “We’re delighted to announce the opening of our downtown Sydney office.
“It will provide on-the-ground insight and access to the opportunities in the Australian real estate market that our investors have long been asking for. “With a strong and robust economy and fast-growing population, we’re excited about the investment opportunities that Australia will provide.”
The founder of one of the first online mortgage brokers said he expects the process to replace traditional advice as he outlined ambitious plans to expand the business.
London-based PropTech startup Built-ID has raised £1.1m in funding from Pi Labs alongside a line-up of individual investors.
The company, which previously went by the name of IndustryHub, has raised the from the cash property-focused investment platform with contributions from backers from both sides of the Atlantic, including Alton Towers owner Nick Leslau, serial investor and Saracens Rugby Club Chairman Nigel Wray and Sandy Gumm.
Founded in 2015, Built-ID allows users to find out more about the project teams and allows developers to show off their portfolio and work to prospective investors.
A Kuwait-based financial services firm seeking more diversity in a world awash in cheap oil is paying $107 million for a new Cincinnati office building occupied by General Electric Co. in its biggest real-estate investment in the U.S.
Kamco Investment Co.’s purchase of the new development, named General Electric @ The Banks, is a sign that a new cadre of foreign investors is playing a bigger role in the U.S. commercial real-estate, even in smaller markets like Cincinnati.
The deal comes at a tricky time for the U.S. commercial real estate. Overall U.S. sales volume was down 12.2% from last year to $299.1 billion as of the end of August, according to data firm Real Capital Analytics.
“We are essentially looking to obliterate most of what commercial property agents currently do.” When it comes to mission statements, Hubble’s packs a punch, particularly when it is delivered by Rohan Silva.
One of the most influential players in London’s tech space – and David Cameron’s former tech adviser – he also happens to be one of the start-up’s three co-founders.
And the hits just keep on coming: “We are what the future of the property industry looks like,” he adds.