Taronga Ventures, a Singapore- and Australia-based tech investor focussing on the real estate sector and the wider built environment, today announced that it has secured an undisclosed investment from SGX-listed global real estate developer City Developments Limited (CDL) for its RealTech Ventures Fund.
Other investors in the most recent close of this fund include PGIM Real Estate, Ivanhoé Cambridge, APG and other leading global investors.
The fund has portfolio investments in global emerging technology companies impacting the built environment.
In an email to e27, Jonathan Hannam, Co-Founder and Managing Partner at Taronga Ventures explains more details about the fund and the company it is targetting.
“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.
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Taronga Ventures consists of the RealTech Ventures Fund, the RealTechX innovation programme, and Taronga Advisory.
Through its RealTechX innovation programme and direct approaches to the RealTech Ventures Fund, Taronga Ventures is “seeing many hundreds of opportunities” and aim to invest in around 20 to 30 companies.
In a press statement, CDL stated that it has identified tech solutions in the fund’s portfolio which has application across its residential, commercial and hotel asset portfolio and has embarked on feasibility assessments for the integration of these solutions. These solutions will also support the company’s goal of achieving net zero operational carbon 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 the 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 decarbonisation efforts,” said Sherman Kwek, CDL Group Chief Executive Officer.
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Image Credit: Taronga Ventures
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