A Canadian property developer has partnered with London-based Pi Labs, a proptech accelerator.
The partnership with Canadian Bosa Properties will double the previously promised funding.
Pi Labs has to date funded 16 Proptech companies and takes in an additional five companies twice a year.
Bosa Properties is a Canadian luxury property developer with £2.9bn of property assets (C$5bn).
The company’s partnership with Pi Labs, Europe’s first Proptech accelerator, takes the form of a ‘convertible note’ which is essentially a loan to the company that ‘converts’ into an equity stake in the company at a future date.
Proptech companies applying to the three-month accelerator programme will now have access to £100,000 of funding. This is up from the original £30,000 when the programme launched 18 months ago.
The partnership is touted at giving the companies a route to the North Amercian market to “test their products”.
Colin Bosa, chairman of Bosa Properties, said the deal will allow them to “be on the forefront of new frontiers of proptech” and that they can feed this into the “multiple streams of innovation we already have underway in the field of property development and construction”.
More information on Bosa Properties efforts in innovation can be found here: http://ud.bosaproperties.com/bosa-properties/
The fourth in the accelerator series will start in October in a shared workspace in London’s Bedford Square and is open for application on Pilabs.co.uk