New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CRE’s Heavy Hitters Back Second MetaProp Fund
A consortium of real estate firms, including PGIM Real Estate, CBRE, Cushman & Wakefield and RXR Realty, has backed MetaProp’s second early-stage PropTech fund. At $40 million, the fund was oversubscribed by more than 50%.
“Because of our unique position in the market, we are able to identify emerging PropTech opportunities and to invest with conviction early in a company’s maturity,” said MetaProp’s Zak Schwarzman. The MetaProp team, including its founders (pictured), has closed more than 90 investments “with the broadest coalition of strategic and venture investors from around the world.”
James Patchett, head of the New York City Economic Development Corporation, said the fundraising was “a testament to the company’s continued success in helping entrepreneurs and investors get their PropTech ideas off the ground. Real estate is one of New York’s most important economic engines, and we are proud to support efforts that fuel innovation in this critical industry.”
For comments, questions or concerns, please contact Paul Bubny
