Clifford Chance + Vinci become latest Concrete VC backers
Concrete VC, a fund for investing in the most promising technology companies in property and commercial real estate, has announced two new strategic partnerships with global construction and infrastructure operator Vinci’s innovation lab, Leonard, and law firm Clifford Chance.
Concrete was founded in 2016 by Taylor Westcoatt to work with sector-specific partners to identify and support emerging companies in a fragmented investment space.
Leonard and Clifford Chance will serve as advisory rather than financial partners, and will work with Concrete to provide their sector expertise to a range of commercial real estate startups. Concrete in turn will introduce both partners to early-stage companies offering solutions in construction and law, and potentially leading to commercial trials or further investment.
Taylor Wescoatt commented: “We have created Concrete to provide a clear path for startups and some of the biggest players in the real estate market – partnering with world renowned companies Vinci and Clifford Chance is a powerful way to drive key insights and support great new ventures. We look forward to working together as we continue finding the best founders in PropTech and making sure they are working with world class partners.”The group currently comprises of seven members in the Concrete platform including founding partner Seedcamp; investment partner Starwood Capital; real estate service partner JLL; workspace partner Fora; insurance partner Lockton; retail partner Hammerson; and industrial and logistics partner, Segro.
Philippe Dewost, chief of Leonard, added: “By partnering with Concrete, we will broaden the scope of construction tech and proptech innovators we already follow, and help them find their best business matches within the Vinci Group.”
Matt Taylor, head of UK proptech and Adrian Levy, co-head of the global real estate sector, both partners at Clifford Chance, are leading a team who are actively tracking innovations in proptech in order to advise clients on the importance of technology as the fourth industrial revolution sweeps across the sector. Taylor commented: “Technology is a key focus for Clifford Chance and our recently launched global tech group gives clients access to specialist advice across key areas such as proptech, data, IP, AI, fintech, and cyber and regulatory investigations.”
Adrian Levy added: “Technology is changing the real estate market and we are committed to being at the forefront of those changes. Joining Concrete provides us with a unique insight into market developments helping us to provide our clients with forward looking legal and commercial advice.”
To date Concrete’s tech investments include Beagle, Bird.i, Buildsafe, District Technologies, Homie, Hubble, Measurabl, Open Sensors and Proportunity. Concrete has not revealed the value of its investments.