New York City-based MetaProp NYC recently raised $40 million for its second PropTech venture capital fund, Commercial Observer has learned. RXR Realty, Cushman & Wakefield and CBRE were leaders in the investment.
The early-stage PropTech venture capital, adviser, and accelerator firm closed the fund at more than 50 percent over-subscribed, the company announced. MetaProp’s venture capital business manages money for institutions, corporations and family offices, and the new fund will invest between $150,000 and $2 million in up to 40 new real estate technology startups in the categories of “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,” as per a MetaProp release provided co-exclusively to CO.
“We are seeing increasing momentum among property tech startups in our industry and our investment in MetaProp will expand our insight into this important ecosystem,” Chandra Dhandapani, CBRE’s Chief Digital and Technology Officer, said in prepared remarks. “Whether we buy, build or partner to enhance our capabilities, continuing to deliver the best outcomes for clients requires that technology is embedded into every aspect of CBRE’s business.”
Founded in 2015, the self-funded MetaProp’s fully deployed first fund, raised from friends and family, was less than $5 million, as per Philip Russo, a partner.
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