Property incubator EGX is looking to put $100 million into proptech startups

Managed property fund EG is planning to raise $100 million for its proptech incubator EGX, as it looks to transform the real estate and property sector.

Launched last year, EGX already has a portfolio investment worth $100 million and backed three startups, Willow, Reveal and FLNT,

EGX provides Seed and Series A funding to founders with global reach ambitions. The incubator is particularly interested in areas such as digital twins, the Internet of Things (IoT), Artificial Intelligence (AI), data analytics, sustainability technology, and more.

EGX executive director Sangeeta Venkatesan said the incubator is raising a further $100m in the next two years, alongside plans to expand into fintech.

“We have already received incredible interest from third party investors, in particular as some of our portfolio investment companies are on track to becoming global proptech players,” she said.

“The potential for returns in these high growth market segments is high, and our role at EGX is to multiply the impact of investors’ ROI.”

EG CEO Adam Geha, CEO EGX’s goal is to scale startups into high performing, global businesses, with a commitment to lead them all the way to their IPO.

“The real estate and property industry is ripe for disruption. As a real estate funds manager, EG is constantly innovating to deliver the best, risk-adjusted returns for our investors and that clearly involves deployment of world-leading technology,” he said.

“This is why we launched EGX. It’s here to fuel the future of proptech, and help solve tomorrow’s challenges for the entire industry. We address a gap in the collaboration between industry expertise and entrepreneurs.”

Among the three startups already backed Willow is an Australian-based start-up that empowers asset owners and operators to make proactive, data-led decisions in real time to grow their profits, reduce their expenses and better manage risk using digital twin technology. The company has already raised $58 million and is expanding globally.

Reveal is a New Zealand startup is helping cities and engineering firms look deeper by building a digital twin that provides digital accurate mapping for sub-surface infrastructure and enabling a future that is more accessible, more reliable and more connected.

FLNT is a marketplace offering commercial real estate intelligence. It aggregates and maps a large number of internal and external data sets into one data lake in the cloud to allow the user to search, subscribe, visualise and analyse data at speed.

More on EGX is available at eg.com.au/egx