PI Labs

About PI Labs

Pi Labs is an independent London-based venture capital firm and Europe's first proptech-focused VC, founded in 2014 by Faisal Butt. The firm operates from London with FCA-regulated entities (PI Labs Limited and PI Labs Manager Limited) trading as pilabs.vc. Assets under management as of December 2024 are not formally disclosed in aggregate, though Fund III closed at USD 90 million (approximately €85 million) in March 2022 (40 percent oversubscribed). Cumulative committed capital across three funds places Pi Labs in the upper-end European specialist proptech VC tier. The structure is an independent specialist proptech venture capital firm. The firm has made approximately 100 investments across 15 countries with 13 to 19 portfolio exits cumulatively. Pi Labs Fund III is Europe's largest early-stage proptech fund. The multi-disciplinary team combines proptech specialists, engineers and investors.

Investment thesis

Pi Labs pursues a pre-seed to Series A venture capital strategy with follow-on capability, focused exclusively on proptech as a vertical. The investment thesis is organised around four themes: sustainable construction, efficient buildings and infrastructure, sustainable and healthy cities, and the future of work, retail and living. Geographic scope is pan-European with selective North American and global investments. The portfolio spans 15 countries. Ticket size is GBP 350,000 to GBP 2 million initial cheque with follow-on capacity. The limited partner base for Fund III includes Dutch pension provider APG as anchor, alongside strategic real-estate limited partners including Aldar Properties, Sellar, King's Cross Central Limited Partnership, Sino Group, Swire Properties, Kiilto, Hopewell Group, Jaeger Gruppe, Great Portland Estates and Patrizia. The strategic LP base provides built-environment commercialisation channels. Value creation operates beyond capital through accelerator-style cohort programmes covering research, network and commercial introductions, with LP-led pilot deployment for portfolio companies plus a 400-person ecosystem of limited partners and venture partners.

Recent activity

Selected portfolio investments include Firmus in proptech and construction AI (2023 to 2024), Pathways in proptech and sustainability (2024), Qualis Flow in proptech and construction decarbonisation (2023), Airmo in climatetech and methane compliance (2024), and Laiout in proptech and AI floor planning (2024). Pi Labs reports 13 to 19 cumulative exits across approximately 100 investments since inception. The platform continues to deploy Fund III across European proptech at the pre-seed to Series A stage, with strategic LP relationships providing commercialisation pathways to leading real-estate operators across Europe, the Middle East and Asia. Detailed buyer names and multiple data available on Pro at €29/month.