The fund remains open for investment for the next 10 days.
Over 150 members of the public, alongside corporate entities such as Countrywide PLC, and well-known small business investors such as James Caan CBE, invested in a ready-made portfolio of property tech companies supported by the highly specialised Pi Labs investment team.
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, leads the three-month bi-annual programme which will provide funding, mentoring 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.
Faisal Butt, founder and CEO of Pi Labs, said: “I’m delighted that we are now into overfunding on our campaign. This just goes to show that the industry and crowd at large share our belief that there will be some big moves in property tech in the years to come. I am thankful to everyone that has supported our fundraise. With the fundraise out of the way, we can put our heads down and focus on executing the bold vision we have set out for Pi Labs.”
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.
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.”