One of the largest investment firms in the United States has taken a stake in the London-based venture capital firm Pi Labs.
Pi Labs launched in 2014 and is the seed-fund generator for many PropTech start-ups; it recently announced four new operations under its 13-week mentor-led programme that ends with the start-ups pitching to high-level investors.
Business newspaper City AM says the US firm Varde Partners, valued at over £9 billion, has taken a stake in Pi Labs.
"This is really positive for London and tech. Everyone's walking on a knife edge about Brexit but this shows there are still a lot of people that are looking at supporting entrepreneurs" Pi Labs managing partner Dominic Wilson tells the newspaper.
"Technology has huge potential to impact the real estate market for the better by improving efficiency and unlocking the hidden underlying value across a range of real estate asset classes. The investment in Pi Labs gives us an important early view into new and emerging technologies," says Varde's Tim Mooney.
City AM says Varde is particularly interested in online estate agencies, start-ups aiming to address the property shortage, and those which are improving logistics.