JLL Spark, a division of real estate professional services and investment management firm JLL, recently announced the creation of JLL Spark Global Venture Fund, which plans to invest up to US$100 million in companies focused on leveraging technology to improve everything from real estate development and management to leasing and investing, while enhancing the experience of those who occupy it.
“Asia Pacific is home to the world’s leading smart cities, many of which are powered by tech-enabled real estate tools. JLL is committed to cultivating next-generation proptech start-ups and promoting Asia Pacific as a hub of technology innovation for real estate, and JLL Spark Global Venture Fund is an extension of that goal,” says Mihir Shah, Co-CEO at JLL Spark. He adds: “The fund gives us the unparalleled opportunity to partner with local and global entrepreneurs who can utilise the resources of JLL’s business lines to rapidly grow their companies while creating value for JLL’s clients.”
For his part, Christian Ulbrich, JLL’s Global CEO says: “Creating this US$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”.
While JLL Spark will direct its efforts to technology startups with products that can help JLL investor and occupier clients, the fund is also interested in companies that are inventing new technology-enabled business models in traditional JLL service areas or those that will help expand its services to new client segments.
JLL Philippines’ Head of Research and Consulting Janlo de los Reyes expressed optimism that the new fund will boost the viability of proptech start-ups in the country. He says: “JLL Spark provides us with the opportunity to transform the Philippine real estate landscape through the introduction of the latest technology and innovation developed by both Filipino and global proptech enterprises.”
According to a recent report by JLL and Tech in Asia, proptech start-ups in Asia Pacific are outpacing their counterparts in Europe and the United States with 179 of them raising around US$4.8 billion in funding between 2013 and mid-2017 – over 60 per cent of the global total. It forecasts that funding for proptech start-ups in this region will reach US$4.5 billion a year by 2020.
To learn more about JLL Spark, please visit https://spark.jll.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About JLL Spark
JLL Spark is dedicated to transforming the real estate industry through technology-based innovation. JLL Spark provides the nimbleness of a startup backed by JLL’s expertise and resources. Led by experienced Silicon Valley entrepreneurs with successful track records building and investing in tech companies, JLL Spark’s strategic proptech investments offer JLL the ability to provide innovative products to real estate owners and operators. JLL Spark was founded in 2017 and is headquartered in San Francisco, California. For more information, please visit https://spark.jll.com.
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