REdimension Capital, a South African real estate venture capital firm, has announced the first close of its inaugural fund, the REdimension Real Estate Technology and Sustainability Fund I.
The fund will focus on investing in early-stage innovative technology companies that deliver demonstrable improvements in the way property is developed, managed and engaged with.
By strategically aligning with sector stakeholders, the fund has built an ecosystem of mutual value, aiming to deliver both investment and operating returns while accelerating technology adoption and driving sustainable outcomes.
The fund received total commitments of over $10 million. The funding round was led by Investec Property Fund, Growthpoint Properties and Rand Merchant Bank. And it was supported with investment from Liberty Two Degrees, Liberty Group and Sphere Holdings, amongst others.
In addition, it is anticipated that additional strategic commitments will be made to the fund before a final close on or before January 2025. The fund has also received significant interest from a range of co-investment partners, including from certain of the founding investors.
The fund will target investment in companies developing high-impact solutions that operate at the convergence of real estate and technology. It will take a thematic approach to investment, focusing on areas which have a clear value proposition and solve the sector’s challenges.
As a fund backed by the industry’s incumbents, the intention is to support early-stage companies with inherently scalable business models and provide a platform for distribution and value creation.
The founders of REdimension Capital, Peter Clark and Matthew Marshall, said: “We are thrilled to have achieved a first close for the REdimension Real Estate Technology and Sustainability Fund I. It marks a significant milestone in the evolution of property technology investment in South Africa. We are grateful for the support received from our founding investors and look forward to delivering for them while creating a meaningful and lasting positive impact on the markets in which we operate.”
REdimension Capital was established in South Africa in 2021 to accelerate innovation in the built environment. Leveraging the unique blend of property-centric skills and experience of its founders, the company has created an ecosystem at the intersection of real estate, technology and sustainability with the ambition of enhancing operational performance and improve sustainability in the built world.
REdimension Capital has adopted an advisory-based approach to investing and works closely with strategic corporate partners to advise, invest and innovate future technology.