LAB Miami partners launch $50M proptech fund

LAB Fund 1 will target investors in the real estate industry

TRD NATIONAL /
May.May 09, 2019 05:30 PM
Thomas “Tigre” Wenrich

Thomas “Tigre” Wenrich

The partners behind the LAB Miami, a co-working space, are launching a proptech fund with the goal of raising $50 million, The Real Deal has learned.

Thomas “Tigre” Wenrich, CEO of the LAB Miami, and his partners, Juan Pablo Cappello, Marco Giberti and Eduardo Barco plan to announce the fund at their Future of Real Estate Tech Summit next week. Tom Roth of Grass River Property is an adviser to the fund.

LAB Fund 1 will target investors in the real estate industry to invest in technology software and products for real estate and construction. Wenrich said he expects the fund will write $500,000 checks for up to 25 companies, an amount that could grow.

It’s the first proptech fund of its kind in Florida, Wenrich said.

Investment in real estate technology has ramped up in recent years. Venture capital investment in the real estate tech sector totaled $12.6 billion last year, up from $4.2 billion in 2016. During an earnings call in February, JLL CEO Christian Ulbrich credited his firm’s growing focus on co-working and real estate technology investments for contributing to $4.9 billion in reported revenue in the fourth quarter.

But the number of investment deals in the proptech industry fell in 2017, according to a recent report from Re:Tech.

Wenrich and his partners started the LAB, at 400 Northwest 26th Street in Wynwood, about seven years ago to support tech entrepreneurs in Miami. While there’s no shortage of collaborative co-working spaces like it in Miami today, Wenrich said startups are still challenged by a lack of access to capital and other resources.

The partners also co-founded Miami Angels, which raised over $3 million spread across a dozen companies in 2018, and LAB Ventures, a studio that develops projects internally in the real estate, travel and tourism sectors.


Related Articles

arrow_forward_ios
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)

Wood Partners lands $86M refi for Midtown Miami apartments

Wood Partners lands $86M refi for Midtown Miami apartments
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...