Proptech venture capital firm MetaProp has closed its latest real estate technology seed fund. The oversubscribed $100 million MetaProp Ventures III L.P. (Fund III). is more than two and a half times the size of MetaProp’s second fund, which closed at $40 million in 2018.
Founded in 2015, MetaProp’s investment team has invested in 130-plus early-stage technology companies across the property value chain. Its portfolio includes Side, Attentive, Spruce, Bowery Briq, HqO and Morty. Initial Fund III investments include fast-growing 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 square feet of real estate. Limited partners include long-time investors PGIM, Mitsui Fudosan, CBRE, Bridge Investment Group, Cushman & Wakefield and JLL Spark, and global newcomers including Ivanhoe Cambridge, Intact Ventures, Messer and Ferguson (all from 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,” said Aaron Block, co-founder and 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 a global real estate distribution network and curated growth support, resulting in more than 1,000 new introductions to clients, talent and investors per year, the company said.
“Proptech is increasingly important during these COVID-19 pandemic times, the associated global economic recovery and workers going back to the office,” said 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.”