Embassy Group has joined Pi Labs as a limited partner in its current Fund 3
Realty firm Embassy Group on Thursday said it has made an investment in venture capital firm Pi Labs' new fund that puts money in proptech startups. Founded in 2014, Pi Labs was the first venture capital firm in Europe to exclusively invest in proptech companies.
Embassy Group has joined Pi Labs as a limited partner in its current Fund 3, the Bengaluru-based firm said in a statement.
The company did not disclose the amount it has invested in the fund.
The strategic investment will open the gateway to Asia for Pi Labs while Embassy Group will get an unparalleled access to global proptech startups.
"Our investment in Pi Labs is forward-looking, with the intention of identifying and experimenting with innovations from visionary startups to deploy in our properties, accelerate our consultative capabilities with customers, and augment Embassy Group's legacy strengths to prepare for the next two decades," Embassy Group COO Aditya Virwani said.
Embassy Group is a leading developer in the country, especially in office market. It had also launched the country's first Real Estate Investment Trust (REIT). WeWork India is also owned by the group.
Pi Labs is Europe's most active proptech VC, with over 55 investments in its portfolio.