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.”
The first cohort of start-ups include:
- AirSorted: An Airbnb management company that makes using Airbnb ‘hassle-free’. Whether that relates to cleanings, key exchanges, laundry, guest bookings, complaints, reviews and even pricing, Airsorted makes sure you earn the most you possibly can from your property.
- Land Technologies: Super-fast, simple to use technology to better recognise off-market development opportunities. It lets you quickly evaluate leads and spot new potential sites, assess risks, visualise planning and connect to landowners.
- OfficeR&D: An office space prototyping, planning and management platform that lets you organise your office rooms and desks. It is a simple and easy-to-use, cloud-based software that allows you to create office space plans without being a designer or architect.
- Rialto: An online platform that connects professional brokers and landlords in commercial real estate to collaborate in real-time. The company provides landlords with portfolio insights and hands-on collaboration with brokers. It also provides brokers the leads and information they need to operate their commercial business.
- Wilde Rooms: Offers an evolutionary bespoke service between the online retailer and discerning consumers. Wilde Rooms provides an oasis of calm amidst the bustle of London, comprising luxury changing facilities, stylists, tailors whilst offering refreshments and style inspiration. Members are able to browse online retail stores, add items to baskets and get them delivered to one fitting room to try before you buy.