The UK happens to be the most influential property technology or ‘PropTech’ hub in the world, despite Brexit-related problems and uncertainty. As well as the global pandemic, which hit the UK just as hard as some of the worst-hit countries.
Investment in the UK’s fast growing proptech sector
In 2021, investment into the country’s fast-growing proptech sector had reached record levels and, in fact, had more than quadrupled since 2020. This is according to a report published by Pi Labs, a venture capital firm, which reported a massive 360% increase in funding for the sector between 2020 (£347.79M) and 2021 (£1.6B).
The report also revealed that the creation of a vast range of technology-based solutions address common issues faced by property managers in the world of commercial property. This has been one of the key drivers responsible for the surge in, investment between mid-2021 and mid-2022.
Property technology is growing significantly in the UK on a YoY basis – the sector is fully aware of the operational performance gaps which have gone un-addressed in the last few years. And is now completely awake to the changes needed to hit net zero targets; investors, landlords and occupiers are realising that technological adoption will indeed play a critical role in not only future-proofing assets, but also meeting sustainability pledges.
The UK to be at the forefront of proptech in the years to come
The UK is also in the lead in many sub-sectors of global property technology. For example, Geovation, a Government-backed accelerator programme specialising in proptech, has already nurtured companies like Flock, Skyscape and LandInsight – all of whom are ahead of the global innovation curve.
Geovation is backed by OS (Ordnance Survey) and HMLR (Her Majesty’s Land Registry) specialising in location and geospatial data breakthroughs – for the most part, its focus has been largely on supporting up and coming tech companies. So far, the accelerator has supported a good, 79 startups, where almost £20M has been raised in investment funding.
Owing to the large wave of capital raised in 2021 as well as accelerated adoption, many companies are starting to achieve scale – so, we can definitely expect later stage funding rounds to drive further investment growth throughout 2022.
Experts have also observed how some of the globe’s largest institutional investors are entering the ‘prop-tech intersection’ after identifying a high potential for growth. Fairly recently, Sovereign Wealth Fund Mubadala based in Abu Dhabi invested into Plentific’s $100M Series C round alongside other institutions.
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