Venture capital firm MetaProp closes USD100m third fund for investment in early-stage PropTech
MetaProp, the New York-based PropTech venture capital firm, today announced the closing of its latest real estate technology seed fund. The oversubscribed USD100 million MetaProp Ventures III, LP (Fund III) is more than two and a half times the size of MetaProp's second fund, which closed at USD40 million in 2018.
Founded in 2015, MetaProp's investment team has invested in 130+ early-stage technology companies across the property value chain. MetaProp's portfolio comprises some of the world's highest-profile innovation leaders, including Side, Attentive, Spruce, Bowery, Briq, HqO, VergeSense, and Morty. Initial Fund III investments include fast-growing PropTech startups Proper.ai, Ergeon, GoFor, Dongnae, HighArc, and Milo Credit.
MetaProp's third fund includes commitments from institutional investors, and a consortium of industry leaders from North America, Europe, the Middle East, Asia, and Latin America that own and manage more than 20 billion sq ft of real estate. High-profile limited partners include long-time investors PGIM, Mitsui Fudosan, CBRE, Bridge Investment Group, Cushman & Wakefield, and JLL Spark, as well as select new category leaders from around the world, including Ivanhoe Cambridge, Intact Ventures, Messer, and Ferguson (North America), DAMAC (UAE), Development Bank of Japan and Sumitomo Mitsui Trust Bank (Japan), Swire Properties (Hong Kong, China), Jakarta Setiabudi Internasional (Indonesia), Eugene Corporation (South Korea), and Ananda Development (Thailand).
"We've built the largest PropTech investment portfolio, and our investment team sees more than 200 new PropTech startups every month," says Aaron Block, Co-Founder & Managing Partner at MetaProp. "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."
Through MetaProp and its partners, PropTech entrepreneurs tap into the broadest global real estate distribution network and curated growth support, resulting in more than 1,000 new introductions to clients, talent, and investors per year.
"Technology is rapidly disrupting real estate and will be transformative to our industry for years to come," says PGIM Real Estate's Head of Innovation, Sara Shank. "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," says MetaProp Co-Founder and General Partner Zach Aarons. "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."