MetaProp eyes big fund increase with third raise, less than a year after closing Fund II

Property technology-focused venture capital firm MetaProp is already back with a new fundraise, less than a year after closing its sophomore fund.

The firm is eyeing a hefty jump in fund size for its third flagship vehicle, with a goal of up to $100m according to a filing the firm made with the US SEC.

MetaProp closed its second fund on $40m in June last year, with the vehicle ending up more than 50 per cent oversubscribed.

LPs committed to the vehicle include RXR, PGIM Real Estate, Cushman & Wakefield, CBRE, JLL Spark and Altus Group. These investors will also offer the startups with a potential pilot and test sandbox of across 15-billion-square-feet.

The firm said it would look to use MetaProp Ventures II to invest between $150,000 and $2m in up to 40 companies exploring PropTech software and Internet of Things with hardware and tech-enabled services.

Recent investments from the firm include supporting the $3m seed round of automated mortgage marketplace app Morty and a contribution to the $4m seed of Jetty, an insurance platform for renters of apartments.

MetaProp, which was founded three years ago, also invests in new real estate technology such as 3D printing, blockchain, co-working/co-living spaces, augmented reality, and digital energy management.