The REdimension Real Estate Technology and Sustainability Fund I, the company’s first fund, has received more than $10 million in funding from the South African venture capital firm REdimension Capital.
Growthpoint Properties, Rand Merchant Bank, and Investec Property Fund took the lead in the funding round. Along with other investors, it received funding from Liberty Two Degrees, Liberty Group, and Sphere Holdings.
The REdimension Real Estate Technology and Sustainability Fund I, established in 2021 by Peter Clark and Matt Marshall, will fund entrepreneurs that are developing solutions to digitize the real estate industry. The company also intends to support firms that advance energy efficiency and a smaller carbon footprint in order to advance sustainability.
Peter Clark and Matthew Marshall, the company’s creators, stated “We are thrilled to have achieved a first close for the REdimension Real Estate Technology and Sustainability Fund I. It marks a significant milestone in the evolution of property technology investment in South Africa. We are grateful for the support received from our founding investors and look forward to delivering for them while creating a meaningful and lasting positive impact on the markets in which we operate.”
Additionally, the overall amount raised was 13% larger than it was the year before, reflecting rising investor interest. The majority of the announced deals for proptech were also executed in Egypt and Nigeria.
The company anticipates reaching the final closing of the fund by January 2025 at the latest.
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