Embassy Group, one of India’s largest real estate conglomerates, has joined pioneering proptech investor Pi Labs as a limited partner (LP) in its current Fund 3.
The investment will support Embassy Group’s commitment to the transformation of the real estate sector through innovative technology, drawing on synergies from Pi Labs proptech ecosystem.
By participating in Pi Labs Fund 3 as an LP, Embassy Group is positioning itself to take the industry forward in technology adoption. Pi Labs is Europe’s most active proptech VC, with over 55 investments in its portfolio.
The strategic investment by Embassy Group will form a gateway for Pi Labs and its portfolio companies in Asia, one of the fastest-growing regions for real estate.
Access to innovation
Pi Labs’ position as a leading proptech investor will enable Embassy Group to access its innovations, research, and cutting-edge ideas in built environment technology. This will enable the Group to trial, pilot, and deploy newer technologies across its pan-India portfolio of properties.
Embassy Group will also receive priority access to innovative startups in Pi Labs’ network, including those emerging from its accelerator. As an LP, Embassy Group will be able to shape proprietary research and co-invest alongside Pi Labs for select opportunities.
Pi Labs CEO and Founder Faisal Butt said proptech is a truly global category, it’s increased growth and adoption makes it one of the most exciting and transformative areas for investment and innovation.
“We have made investments in over 10 countries across three continents, and this strategic partnership will allow us to draw on synergies with Embassy Group and its leadership in Asia to support our increasingly global strategy,” said Faisal Butt.
Faisal Butt said by welcoming Embassy Group to our ecosystem, Pi Labs is able to deploy and trial technologies across their diverse properties in Asia, taking high growth startups mainstream and continuing to elevate the category around the world.
“As proptech continues to thrive across innovation hubs globally, we will continue to identify active partnerships, such this one with Embassy Group, to help our portfolio companies scale into international markets,” said Faisal Butt.
Embassy Group has a wide interest in the real estate sector, including business parks, commercial real estate, industrial parks, and hospitality. It caters to a wide swathe of client organisations and diverse industries whose demands and expectations also vary widely.
Embassy Group Chief Operating Officer Aditya Virwani said the past year has accelerated digital transformation across sectors.
“In the real estate category, we have a generational opportunity to transform how people live, work, and interact, using technology. Our investment in Pi Labs is forward-looking, with the intention of identifying and experimenting with innovations from visionary startups to deploy in our properties, accelerate our consultative capabilities with customers, and augment Embassy Group’s legacy strengths to prepare for the next two decades,” said Aditya Virwani.
Pi Labs attracts a global base of LPs, from North America, Europe, Middle East, APAC, and Asia. Pi Labs’ current strategic partners who have invested into Fund 3 include – FTSE-listed Great Portland Estates PLC, FTSE-listed Assura PLC, PATRIZIA AG, among the top 10 real estate investment managers in Europe, and pan-European real estate fund manager Revcap.
Founded in 2014, Pi Labs was the first venture capital firm in Europe to exclusively invest in proptech companies. The company positions itself as a bridge between traditional real estate companies and Proptech start-ups across Europe. Pi Labs is often the first institutional investor and invests in companies from pre-Seed to Series A, with follow-on investments in later-stage rounds.
Startups can benefit from Pi Labs’ vast network of mentors and advisors, including key players in the real estate industry, investors and successful entrepreneurs. Receiving investment from Pi Labs means becoming part of the global community of exceptional entrepreneurs in its portfolio.
Pi Labs has successfully executed two funds, Fund I (2015) and Fund II (2017). Pi Labs is currently fundraising for Fund III which had its first close in early 2020 having secured €23m of investment. Pi Labs has built a portfolio of over 55 proptech companies across UK and Europe, making the company the most active investor in proptech start-ups in Europe, and among the most active globally.