A new global venture fund aims to invest in the development of technology that will transform the real estate sector and improve the lives of those who work in it.
The $100 million JLL Spark Global Venture Fund has been created by a division of global real estate firm JLL and will also help entrepreneurs and their companies by connecting them with JLL's business lines and clients for insightful feedback and distribution of their products.
"Having been entrepreneurs ourselves, we know how hard it is to bring a new product to market, especially in an industry that has been slow to adopt new technology. That's why our goal is to partner with entrepreneurs and help them tap into the resources of JLL's business lines so they can succeed in rapidly growing their companies while we also create value for JLL's clients," said Mihir Shah, Co-CEO at JLL Spark.
Investment will benefit JLL businesses, clients
Investments will be focus on seed and Series A funding stages but also at select later stage rounds; and will typically range from a few hundred thousand dollars to several million.
Those chosen will generally be ones that can help enhance services for JLL businesses or help its investor and occupier clients.
"Creating this $100 million venture fund through JLL Spark allows us to continue to lead the real estate industry in bringing the best proptech ideas to reality. It complements and expands our substantial ongoing investments in innovative, cutting-edge digital solutions, which is a core part of our Beyond strategic vision and commitment to achieve ambitions for our clients," said Christian Ulbrich, JLL's Global CEO.
More market update: