MetaProp, the world’s premier early stage PropTech venture capital, advisory and acceleration firm, has closed its second venture capital fund, MetaProp Ventures II, LP at $40 million, more than 50 percent over-subscribed.
MetaProp’s new fund will invest from $150,000 to $2 million in up to 40 new PropTech software, internet of things (“IoT”), hardware and tech-enabled services startups. Founded in 2015, MetaProp will continue its strategy of investing in the newest real estate technologies like 3D printing, blockchain, co-working/co-living, augmented reality and digital energy management across all global real estate asset types including residential, office, retail, hotel and industrial.
The new fund’s limited partners (“LPs”) represent the largest consortium of early adopter and enthusiast investors in the real estate industry, including asset managers, top tier private equity firms, the largest global brokerages, international and U.S. owner/developers, blue chip construction and engineering firms, maintenance services firms and more. Among the fund’s LPs are RXR, PGIM Real Estate, Cushman & Wakefield, CBRE, JLL Spark and Altus Group. All told, these LPs offer PropTech startups a potential pilot and test “sandbox” that spans more than 15-billion-square-feet across every asset type and global market.
“Because of our unique position in the market, we are able to identify emerging PropTech opportunities and to invest with conviction early in a company's maturity," said MetaProp partner and head of venture capital Zak Schwarzman. MetaProp’s notable earliest stage investments include emerging PropTech startups like Bowery, Flip, Irene, Jetty, Jones, Reside, Spacious and Spruce.
“Early on, NYCEDC saw the promise of MetaProp and its ability to catalyze transformative real estate technology,” said New York City Economic Development Corporation President and CEO James Patchett. “This funding announcement is a testament to the company’s continued success in helping entrepreneurs and investors get their PropTech ideas off the ground. Real estate is one of New York’s most important economic engines, and we are proud to support efforts that fuel innovation in this critical industry.”
“The MetaProp team has earned a reputation for being PropTech’s early stage startup champions. The unique, community-driven approach to building and investing in tomorrow’s real estate technology entrepreneurs aligns with our partner-first model,” said Adam Stanley, CIO and Chief Digital Officer, Cushman & Wakefield, a MetaProp Ventures investor.
Schwarzman added: “Our team has closed more than 90 PropTech investments with the broadest coalition of strategic and venture investors from around the world. Co-investors in our first fund’s portfolio companies included LeFrak, Rudin Management, Union Square Ventures, Bain Capital, Bessemer, Fifth Wall, Thrive, and First Round. Already, our second fund has invested alongside Vornado, JLL Spark, Newmark Knight Frank, Venrock, 8VC, Revolution and IA Ventures.”
MetaProp’s new fund recently invested in one of New York City’s hottest PropTech startupsWorkframe. Kevin Ryan, Founder and Chairman of Workframe, remarked: “I’ve seen these folks in action and they really know how to help young companies grow. As far as I’m concerned, real estate entrepreneurs should put MetaProp at the top of their target investor list.”
MetaProp is the world’s leading early stage PropTech investment, advisory and startup acceleration firm. MetaProp’s team and venture capital funds have invested in 90+ technology companies across the real estate value chain. Currently investing out of its second fund, MetaProp’s investor base represents a pilot- and test-ready sandbox of 15+ billion square feet across every real estate asset type and global market. MetaProp’s investment activities are complemented by its continuum of PropTech acceleration programs. Each year, up to 30 of the best technology driven real estate industry ideas are selected to participate in intensive education, mentorship and growth hacking programs, culminating in exclusive Graduation Defense panels and bi-coastal Demo Days for partners, investors, VCs and media. Founded in 2015, the accelerator boasts 100+ mentors, 10 renowned corporate partners and widespread media coverage from the Wall Street Journal, Forbes, Crain’s New York Business, New York Post, TechCrunch, Inman, Bisnow, Real Estate Weekly and more. MetaProp’s advisory consulting arm, MetaProp Advisors, provides strategic advisory services, growth consulting, communications, event management and market research for real estate companies that are serious about innovation. In addition, MetaProp Advisors produces New York City Real Estate Tech Week; The MetaPropCast podcasts and also publishes the Global PropTech Confidence Index.