UK proptech fund PiLabs raises £17.5m for new fund

The goal for the fund would make it Pi Labs largest to date⁠—five times the value of Fund 2. “The success of our first close of Fund 3 firmly cements our position as one of the leading European proptech VCs,” said Faisal Butt, chief executive, chairman, and founder of Pi Labs. “It is testament to the continued appetite for institutional capital to be invested into proptech.” In June 2019, Butt said Pi Labs would double the number of startups it funds over the next five years, giving each funding from £250,000 up to £1m. In November Butt became the first person to sit on the Ministry of Housing, Communities and Local Government’s new proptech expert advisory council.