Big names back MetaProp’s latest fund

Video above: Aaron Block tells French property magazine Business Immo about his latest accelerator round 

Industry heavyweights Cushman & Wakefield, CBRE, JLL Spark, RXR, Prudential’s PGIM Real Estate, and Altus Group have invested in MetaProp’s second venture capital fund, MetaProp Ventures II.

The fund was more than 50% over-subscribed, with a total of $40m now available to invest in up to 40 software, Internet of Things, hardware and tech-enabled services startups. MetaProp’s new fund will invest from $150,000 to $2m in each business.

The fund’s partners represent the largest consortium of early adopter and enthusiast investors in the real estate industry, including asset managers, top tier private equity firms, the largest global brokerages, international and US landlords and developers, blue chip construction and engineering firms, maintenance services firms and more.

These heavyweight investors will offer startups a potential pilot and test “sandbox” that spans more than 15bn sq ft across every asset type and global market.

Founded in 2015 by Aaron Block, Clelia Peters and Zach Aarons, MetaProp will continue its strategy of investing in the newest real estate technologies like 3D printing, blockchain, co-working/co-living, augmented reality and digital energy management across all global real estate asset types including residential, office, retail, hotel and industrial.

MetaProp’s notable earliest stage investments include emerging PropTech startups like Bowery, Flip, Irene, Jetty, Jones, Reside, Spacious and Spruce.

Chandra Dhandapani, CBRE’s chief digital and technology officer, said of the investment: “We are seeing increasing momentum among property tech start-ups in our industry and our investment in MetaProp will expand our insight into this important ecosystem.

“Whether we buy, build or partner to enhance our capabilities, continuing to deliver the best outcomes for clients requires that technology is embedded into every aspect of CBRE’s business.”

Adam Stanley, CIO and chief digital officer, Cushman & Wakefield, also commented: “The MetaProp team has earned a reputation for being PropTech’s early stage startup champions. The unique, community-driven approach to building and investing in tomorrow’s real estate technology entrepreneurs aligns with our partner-first model.”

MetaProp’s new fund recently invested New York startup, Workframe. Kevin Ryan, founder and chairman of Workframe, remarked: “I’ve seen these folks in action and they really know how to help young companies grow. As far as I’m concerned, real estate entrepreneurs should put MetaProp at the top of their target investor list.”

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