Pi Labs, Europe’s first proptech-focused venture capitalist, has formed a strategic funding partnership for its accelerator programme with Bosa Ventures, the investment arm of Canada-based Bosa Properties.
Bosa Properties is one of the largest luxury real estate development companies in North America with a presence in Canada and the US, with C$5bn (£2.9bn) of assets. Its VC arm, Bosa Ventures, will provide additional funding via a SAFE or convertible note for Pi Labs companies to exiting its cohort scheme.
It also provides a link for potential North American expansion.
The agreement means that cohort companies will have access to £100,000 of funding through the accelerator programme before raising their seed round.
Colin Bosa, chairman of Bosa Properties, said: “Our alignment with Pi Labs will allow us both to be on the forefront of new frontiers of proptech, while leveraging the multiple streams of innovation we already have underway in the field of property development and construction.”
Dominic Wilson, managing partner of Pi Labs, added: “This is an incredible opportunity for the start-ups financially and also in terms of global reach. We now also have a close link to North America and a partner to help our companies roll out into those markets.
“In financial terms, our programme is now one of most competitive in the world and we will continue to source the best talent and companies from across the globe as a result. And crucially for Pi Labs, it’s also a ringing endorsement for the programme we have built here in London and quality of companies we have coming through. That said, we still believe we have areas to improve upon and we believe Bosa Ventures has a crucial role to play in that process.”
Pi Labs was launched in October 2014 and has supported 16 property technology start-ups, in areas ranging from planning, and social housing to office management. The three-month bi-annual programme provides funding, mentoring and inspiring office space for the most exciting new wave of proptech start-ups.
Applications for its fourth cohort are now open. For information on how to apply, click here.
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