MetaProp closes second property technology venture capital fund

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Property technology-focused venture capital firm MetaProp has closed its second vehicle on $40m, making it more than 50 per cent oversubscribed.

The firm said it would look to use MetaProp Ventures II to invest between $150,000 and $2m in up to 40 companies exploring PropTech software and Internet of Things with hardware and tech-enabled services.

LPs committed to the vehicle include RXR, PGIM Real Estate, Cushman & Wakefield, CBRE, JLL Spark and Altus Group. These investors will also offer the startups with a potential pilot and test sandbox of across 15-billion-square-feet.

MetaProp, which was founded three years ago, said it would continue its strategy of investing in new real estate technology such as 3D printing, blockchain, co-working/co-living spaces, augmented reality, and digital energy management.  The firm invests in solutions across the real estate place including residential, office, retail, hotel and industrial.

MetaProp partner and head of venture capital Zak Schwarzman said, “Our team has closed more than 90 PropTech investments with the broadest coalition of strategic and venture investors from around the world.

“Co-investors in our first fund’s portfolio companies included LeFrak, Rudin Management, Union Square Ventures, Bain Capital, Bessemer, Fifth Wall, Thrive, and First Round. Already, our second fund has invested alongside Vornado, JLL Spark, Newmark Knight Frank, Venrock, 8VC, Revolution and IA Ventures.”

The firm has previously made two PropTech investments this year, with it most recently supporting the $3m seed round of automated mortgage marketplace app Morty. Its other investment in the space this year, was a contribution to the $4m seed of Jetty, an insurance platform for renters of apartments.

The firm also runs an accelerator programme which looks to support pre-seed and seed stage startups, investing around $25,000 to $250,000. The MetaProp Bridge is run at Columbia University and connects up to six startups from across Europe, the Middle East and Africa.

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