Investment guru Christophe Reech has launched the first pan-European proptech fund and is seeking to raise €50m (£44m), Property Week can reveal.
The Swiss-based investor has partnered his Odysseus Investments, the private equity arm of Reech Corporations, with Seed Founders to launch the ProTech Capital Fund.
The fund will invest in pan-European early-stage property-related tech companies, and will source, secure and manage investments in early-stage technology ventures in western Europe and across the continent.
Seed Founders, a technology investment company established by Insurtech investor Minh Q Tran is also establishing ProTech, a proptech accelerator and co-working hub alongside the fund. ProTech will help nurture firms as they build scale.
While the fund is initially targetting €50m, it does have an option to take over-subscriptions. The fundraising is aimed primarily at qualified institutional and corporate investors.
Achieve real scale
This is the latest in a series of investments by Odysseus as it seeks to build a pan-European portfolio of businesses with the potential to achieve real scale within real estate, financial derivatives and financial technology.
Reech, chairman of Reech Corporations Group, said: ”ProTech Capital offers a unique way of accessing this exciting new area of activity. What stands out about this fund is the way it marries Minh’s expertise in early-stage investing in finTech and Insurtech with our track record as serial entrepreneurs, and our experience and knowledge of both real estate and finTech. I am confident this will be a great success.”
Reech began his career in investment banking, trading derivatives for French baking giant Paribas, a role which brought him to London from his native France. He then went on to establish a series of wholesale financial businesses on behalf of Commerzbank, the German bank, and then with Nikko of Japan.
In 2007, he launched the first long/short hedge fund targeting real estate as an asset class. The £145m Iceberg Fund was launched in partnership with CBRE, and became the biggest user of these newly created synthetic property derivative instruments.