Investment firm Pi Labs is to significantly increase its funding activity within the PropTech sector.

The company, which has already raised £110 million and backed 44 tech firms, says it will raise stakes in each startup it selects from £250,000 to £1 million and double the number of companies it backs each year.

Since 2012, Pi Labs has backed six PropTech businesses each year in seven cohorts, each of which are mentored and given financial backing during their early-stage development.

This year these included data-driven property sales platform Cribz, interior design firm Decology, rent-to-buy lending platform RenterBuyer, and mortgage market disrupter Group Ladder. Pi Labs has backed 44 so far, but aims to raise this to 100 by 2024.

Pi Labs founder Faisal Butt explained: “Whilst in the past the fund didn’t usually lead rounds, but preferred to co-invest, we intend to become more flexible and will either lead the round or co-invest, depending on the situation.”

Butt will move from chairman to chief executive to lead the charge.

“I have always been the chairman of the company and on the investment committee, so all the deals were closed with my blessings, following the appropriate approvals – therefore, I don’t think it’s a big transition for me in terms of roles,” he said.

Pi Labs has previously backed Airbnb property management firm Airsorted, artificial intelligence-based concierge platform AskPorter, and online estate agent eMoov.

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