Property Innovation Labs (Pi Labs), Europe’s first property-focused accelerator, has announced its inaugural intake of start-up companies and the launch of a crowdfunding campaign.
Pi Labs was created in October 2014 through a strategic partnership between global real estate adviser Cushman & Wakefield and venture capitalists Spire Ventures.
Entrepreneur Faisal Butt, founder of Pi Labs, will lead the three-month bi-annual programme which will provide funding, mentors and office space for the most exciting new wave of ‘proptech’ start-ups at the iconic Second Home, situated in the heart of east London’s ‘Tech City’.
Five start-ups have joined the first accelerator programme of 2015, with another cycle scheduled for later this year. Each intake will initially comprise five companies and culminate with a ‘Demo Day’ where each start-up will present to a group of London’s top investors.
Pi Labs has also created a £500,000 fund, hosted on UK equity crowdfunding platform Seedrs, to invest in those start-ups selected for the accelerator programme – but this may be extended in the coming months to £1.5 million. This will enable members of the public, alongside corporate entities, to invest in a ready-made portfolio of companies supported by a highly specialised and experienced Pi Labs investment team, with additional backing from sector professionals.
Faisal Butt, founder and CEO of Pi Labs, said: “We’ve had an exhilarating few months interviewing hundreds of the most visionary property start-ups from around the world, all of whom are putting customers first and really changing the way the industry is viewed. London is the international hub for the property industry and we firmly believe we will find the next Airbnb from these companies.”
Cushman & Wakefield partner Juliette Morgan, also a Pi Labs strategic partner, said: “We have managed to attract some of the brightest minds in proptech from around the world – the quality of applicants for the accelerator has been incredibly high.
“Pi Labs was created to support the growing number of start-ups with potential to disrupt the property sector; it will also be immensely valuable to our clients. We look forward to co-building the next generation of companies transforming our industry.”
