JLL Spark, a division of JLL that invests in the development of real estate tech, announced the creation of a $100 million global venture fund.
The $100 million is slated to provide seed and Series A funding to real estate tech startups as well as later stage funding in select cases. The average investment will range from a few hundred thousand dollars to several million dollars.
“Creating this $100 million venture fund through JLL Spark allows us to continue to lead the real estate industry in bringing the best proptech ideas to reality. It complements and expands our substantial ongoing investments in innovative, cutting-edge digital solutions, which is a core part of our Beyond strategic vision and commitment to achieve ambitions for our clients,” JLL’s Global CEO Christian Ulbrich said in a statement.
Spark has been in operation since 2017. Its leadership is composed of Silicon Valley veteran entrepreneurs who have been tasked with pushing forward the real estate industry through the incubation of proptech solutions for the industry.
“Having been entrepreneurs ourselves, we know how hard it is to bring a new product to market, especially in an industry that has been slow to adopt new technology. That’s why our goal is to partner with entrepreneurs and help them tap into the resources of JLL’s business lines so they can succeed in rapidly growing their companies while we also create value for JLL’s clients,” JLL Spark Co-CEO Mihir Shah said in a statement.