Brigade REAP, a real-estate accelerator programme by Brigade Enterprises, has announced its first PropTech syndicate fund – PropTech@REAP on LetsVenture, full stack private marketplace that helps in facilitating fund-raising for start-ups.
Brigade REAP also has invited applications from start-ups for its 10th cohort with specific focus on robotics and automation, sustainability and alternate material. In the nine previous cohorts, Brigade REAP has mentored 49 start-ups.
The company in a release said “PropTech@REAP aims to invest in PropTech start-ups both from within the Brigade REAP accelerator portfolio and outside. Brigade REAP will make a minimum of four investments in the coming year and invest in start-ups looking to raise up to $500,000 in early-stage funding.”
“Start-ups that have developed innovative and disruptive technologies in areas like construction tech, alternate material, smart buildings, sustainability, property transactions, affordable housing, etc with demonstrated product market fit and traction are eligible for funding,” it added.
“The investments in the PropTech space has grown at a CAGR of 105 per cent in the past six years. In our experience PropTech start-ups find it difficult to raise funds at an early stage due to the nascency of the sector. Some of our promising start-ups have taken anywhere between 12 and 18 months to raise seed money despite showing early promise. Our aim is to bridge this gap. We are now excited to launch a dedicated fund for early stage PropTech start-ups and we hope to support promising start-ups in their journey to disrupt the real estate sector. Now that we are ready to mentor our 10th cohort, some of these start-ups too can benefit from this fund,” said Nirupa Shankar, Executive Director, Brigade Enterprises Ltd and Director, Brigade REAP.
“Brigade REAP has cultivated a network of real estate developers, architects, MEP consultants, facility management firms and OEMs, as well as a strong connection to real estate associations both in India and overseas. Brigade REAP start-ups have presented to over 2,000 real estate developers and other relevant stakeholders in the last few years. More recently, 11 of Brigade REAP’S start-ups raised money despite the pandemic,” John Kuruvilla, Chief Mentor at Brigade REAP, said.
Commenting on the PropTech Syndicate Fund, Shanti Mohan, Co-founder & CEO LetsVenture said, “With the focus now shifting towards online marketplaces with integration of digital technology & innovative business models, start-ups are now scaling their technologies that provide consumers a seamless experience of viewing their property anywhere virtually in the world. With rapid innovation and improvement of virtual and augmented reality, the PropTech market is indeed expanding at a reasonably faster pace. We are happy to partner with Brigade REAP and looking forward to working & mentor PropTech start-ups in the future.”