Proptech team

Alongside the fundraise, firm intends to grow its management team, making several promotions. Credit: PropTech1

Markets

PropTech1 Ventures raises €44m at fund’s first close

The VC firm completed the first close of Fund II, which has a target size of €100m to invest in real estate innovation.

Targeting early-stage startups, PT1’s latest fund will seek out solutions to “the mega challenges of our time” driven by a scarcity of natural resources, affordable living and skilled labour.

PT1’s focus will be on proptech, construction tech and urban tech startups and on ideas at the intersection of the real estate industry and the energy and infrastructure asset classes.

Investors in Fund II include JLL Spark Global Ventures, Commerz Real, Helaba, Schörghuber Group and Halton Ventures.

Alongside the fundraise, PT1 will also expand its management team, with investment managers Konstantinos Matsoukas and Klara Ritter promoted to associate partners. The London office, founded last year, will be led by Kingma Ma as managing director.

Building on experience

PT1’s first fund, which raised €50m, has made 16 investments. These include:

  • Desana: a flexible workspace marketplace and platform
  • PlanRadar: a digital task management, communication and reporting tool for real estate
  • NeoCarbon: carbon capture for existing infrastructure in cooling towers
  • Inpera: a digital procurement platform for construction materials

Having raised three times more capital for Fund II than for the first close of the previous fund, PT1 said it believes in the market environment for VCs focusing on early-stage startups, adding that real estate’s need for innovation and sustainability is “demonstrably higher than ever”.

The fundraise follows Fifth Wall’s recent announcement about raising $866m for the largest ever proptech fund.

Nicolas Samios, managing partner at PT1, said: “The real estate industry is facing multiple challenges and opportunities. Green regulation is just getting off the ground and the increasingly frequent climate incidents will only reinforce this trend.

“At the same time, with a continued growth in the number of prominent fund investors, we are becoming even more attractive to the best founding teams. We are very much looking forward to being able to support what we see as the most promising topics even more effectively with Fund II.”

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