Taronga Ventures, a Singapore and Australia-based tech investor focused on real estate and the built environment, said that its RealTech Ventures Fund has received an undisclosed investment from SGX-listed global real estate developer City Developments Limited (CDL).
PGIM Real Estate, Ivanhoé Cambridge, APG, and other significant worldwide investors participated in the fund’s most recent closing.
The fund has investments in global emerging technology firms that have an influence on the built environment in its portfolio.
The RealTech Ventures Fund, the RealTechX innovation program, and Taronga Advisory are all part of Taronga Ventures.
“When we began the fund, the target raise was AU $50 million (US $36 million). With increased investor interest we raised that to AU$75 million (AU $54 million) but we have far exceeded this amount. Under this strategy, we have now more than US $170 million (US $123 million) committed, with a number of groups completing their processes over the next few weeks,” Hannam said.
“The fund invests in emerging technology companies that are ready to scale. We have a small allocation to earlier stage opportunities but most of our investments will be in companies that have some level of customer traction and are now looking to expand either across Asia or globally. Over time, we will invest up to AU $7 million (US $5 million) to AU $10 million (US $7 million) in any one company,” he continued.
Taronga Ventures is “seeing many hundreds of prospects” through its RealTechX innovation program and direct approaches to the RealTech Ventures Fund, and plans to invest in about 20 to 30 startups.
CDL said in a news release that it has discovered digital solutions in its portfolio that may be used across its residential, commercial, and hotel asset portfolios and has begun feasibility analyses for their integration. These solutions will also help the corporation meet its aim of becoming carbon-neutral by 2030.
“With evolving lifestyle needs and the urgent need for climate action, we are seeing a dynamic shift within the real estate sector where access to emerging technology will become a key differentiator. CDL’s investment in Taronga Ventures allows us to partner the market’s best in class to drive product and process innovation. We can leverage their expertise to glean market insights into the future of real estate and gain access to emerging technologies that can be applied across our diversified real estate portfolio. Their focus on green innovations complements our ESG and sustainable investment initiatives, and supports our decarbonization efforts,” said Sherman Kwek, CDL Group Chief Executive Officer.