Pi Labs
Pi Labs is a London-based early-stage venture capital firm founded in 2015 by Faisal Butt, backing founders transforming the built world. The firm invests pre-seed to Series A across 15 countries, with approximately 100 portfolio companies, 19 exits, and a £100 million Fund IV focused on AI-native companies.
- Company typePrivate
- Founded2014
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Pi Labs does
Pi Labs is a London-based early-stage venture capital firm founded in 2015 by Faisal Butt, focused on backing founders transforming the "built world" — spanning real estate, construction, cities, energy, and adjacent verticals. The firm invests at pre-seed through Series A with typical ticket sizes of £350K to £2 million, deploying capital across approximately 15 countries. Pi Labs operates a thesis-driven model built around its Growth Programme accelerator, which has run 14 cohorts and attracts 1,500+ applications per round, generating a proprietary deal sourcing funnel that feeds a portfolio of roughly 100 companies with 19 exits to date.
The firm's platform centers on a curated 400+ person ecosystem comprising founders, mentors, co-investors, LPs, and venture partners, with 160+ active co-investors. For Fund IV, Pi Labs is repositioning its thesis toward AI-native companies, dedicating its 14th Growth Programme cohort specifically to Agentic AI for the construction sector. Portfolio companies span proptech, construction tech, energy, AI, and cybersecurity, with recent deployments including AI- and data-driven energy startups and expansions into Germany, Spain, and North America.
Pi Labs monetizes through conventional VC economics: management fees on committed capital across successive funds and carried interest on realized exits. With Fund III closed at $90 million and Fund IV targeting £100 million, total active assets under management are estimated at £150–190 million, implying annual fee revenue of roughly £3–4 million plus carried interest from the 19 disclosed exits. The firm has signed the Investing in Women Code (2025) and partnered with Aldar to expand MENA deal flow, signaling institutional-grade operational and geographic expansion.
Pi Labs firmographics
Firmographics- Name
- Pi Labs
- Legal name
- Pi Labs Limited
- Website
- https://pilabs.vc
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Pi Labs is a London-based early-stage venture capital firm founded in 2015 by Faisal Butt, backing founders transforming the built world. The firm invests pre-seed to Series A across 15 countries, with approximately 100 portfolio companies, 19 exits, and a £100 million Fund IV focused on AI-native companies.
- Ownership category
- akta.pro rank
Pi Labs industry classification
Industry- Product category
- Venture Capital / PropTech Investing
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
- akta.pro secondary industries
- Accelerators & Incubators (Investor-Operated) (FSANAAAM), Early-Stage Venture Capital (Series A/B) (FSANAAAB)
Keywords
Where Pi Labs is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Pi Labs business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: VC firms typically charge 2% management fee on committed capital under management. Pi Labs closed Fund III at $90 million in 2022.
- Carried Interest: Standard VC revenue model where the firm earns a percentage (typically 20%) of profits from successful portfolio company exits above the preferred return threshold.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
Pi Labs product offering
Product offeringCore offering
Pi Labs is an early-stage venture capital firm that invests £350K–£2M tickets into built-world (real estate, construction, sustainable cities, infrastructure) startups from pre-seed to Series A, drawing on multiple dedicated funds (Fund I through Fund IV in raise). The firm also operates an award-winning Growth Programme accelerator running annual cohorts and produces proprietary proptech research and white papers for its portfolio companies and Limited Partners.
Product overview
Pi Labs is an early-stage venture capital firm based in London operating multiple investment funds (Fund I through Fund IV in raise) with approximately $90M+ in committed capital across three closed funds. The firm backs founders creating a digital and sustainable built world through direct equity investments ranging from £350K to £2M per deal (pre-seed to Series A), supplemented by an award-winning Growth Programme accelerator that runs annual cohorts. Pi Labs delivers value to portfolio companies through its global ecosystem of 400+ stakeholders including founders, mentors, co-investors, and Limited Partners, while providing LP services including tech adoption facilitation, co-investment opportunities, and ESG reporting. The firm has made approximately 100 investments since 2015 across 15 countries and delivered 19 exits.
Differentiator
Problem solved
Functional benefit
Brands
- Pi Labs Growth Programme: Award-winning accelerator programme for early-stage startups in the built world, currently on its 14th cohort.
Products and services
- Growth Programme Pi Labs' award-winning accelerator programme supporting early-stage startups in the built world, running annual cohorts with intensive mentorship, customer introductions, and ecosystem access. The 14th cohort focuses on Agentic AI startups for the construction industry.
- Fund I Pi Labs' first venture capital fund for built-world startups, forming part of the firm's three closed funds.
- Fund II Pi Labs' second venture capital fund for built-world startups, part of the three closed funds.
- Fund III Pi Labs' third venture capital fund, closed in 2022 with $90 million in committed capital to back built-world innovators from pre-seed to Series A, with follow-on investment capability.
- LP Services Services for Limited Partners including Tech Adoption (facilitating portfolio company pilots into LP organisations), Co-Investment opportunities, Research & Thought Leadership, and Sustainability/ESG reporting.
- Portfolio Companies Pi Labs' portfolio of approximately 100 globally scalable startups transforming the built world, with investments across Sustainable Construction, Efficient Buildings, Sustainable Cities, and Future of Work, Retail & Living.
Quantifiable outcome
- 19 exits delivered since inception
- +3 more outcomes
Companies that use Pi Labs
Customer profileNamed customers9 records
Segments3 records
Ideal customer profiles2 records
Pi Labs technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability13 records
Pi Labs partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- RevcapcoreAndrew Pettit is Founding Partner at Revcap and Board Director at Pi Labs. Nick West is Partner at Revcap and Board Observer at Pi Labs. Deep strategic relationship with real estate investment advisory firm.
- CrowdPropertyminorMike Bristow is CEO & Co-Founder of CrowdProperty and Fund III IC Member at Pi Labs. Peer-to-peer property lending platform founder involved in investment committee.
- Midmar Capital LLPcorePi Labs Manager Limited is an appointed representative of Midmar Capital LLP, which is authorised and regulated by the Financial Conduct Authority in respect of UK investment advisory or arranging activities.
- AldarcoreMajor UAE real estate developer providing testimonials on Pi Labs' ability to assess and funnel startups into their ecosystem for pilots and proof-of-concepts. LP and ecosystem partner.
- ElkstonecoreIrish real estate investment management firm providing portfolio companies for adoption within their ecosystem. Testimonial on Pi Labs' research-driven approach and access to quality international LPs.
Scale indicators12 records
Recent moves6 records
Expansion highlights5 records
Pi Labs competitors and assessment
Company assessmentDirect peers
- Fifth Wall: Largest US-based venture firm focused on real estate, construction, and the built environment. Direct peer to Pi Labs with sector-specialized thesis, LP base of real estate strategics, and similar early-to-growth stage investment model.
- MetaProp: NYC-based proptech venture firm operating a dedicated accelerator program. Highly comparable to Pi Labs in sector focus (built world/real estate tech), stage (seed to Series A), and accelerator-driven deal sourcing.
- Moderne Ventures: Chicago-based venture firm investing in technology companies serving the real estate, finance, and insurance industries. Comparable to Pi Labs through its vertical focus on built world technologies and its LP network of real estate corporations.
- Brick & Mortar Ventures: US-based venture capital firm focused on construction tech and built environment startups. Direct peer in the proptech/contech vertical, with similar early-stage focus and sector-specialized thesis.
- A/O PropTech: London-based venture firm investing in proptech companies across Europe. Directly comparable to Pi Labs given London HQ, European focus, and sector specialization in real estate technology.
- Camber Creek: US-based venture capital firm focused on real estate technology. Direct peer through dedicated proptech/built world thesis and corporate LP relationships with real estate operators.
- Terner Labs: Venture fund focused on housing innovation and real estate technology. Comparable to Pi Labs in vertical proptech focus with similar stage range and corporate LP backing.
- Concrete VC: UK-based venture capital firm focused on construction technology and the built environment. Direct peer to Pi Labs through London/UK base, contech focus, and similar early-stage investment thesis.
Broad incumbents
- Techstars: Global accelerator operator that runs vertical-specific programs including proptech. Comparable to Pi Labs through its Growth Programme accelerator model, though Techstars operates at much broader scale across multiple industries.
- Antler: Global early-stage VC that identifies and backs founders across industries including proptech. Comparable through pre-seed/seed stage focus and global footprint, though Antler is sector-agnostic whereas Pi Labs is specialized.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Pi Labs social profiles
Digital presencePi Labs financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pi Labs leadership team
Management profileNumber of profiles
Profiles8 records
Pi Labs subsidiaries and ownership
Company hierarchySubsidiaries1 record
Pi Labs funding detail
Funding detailFunding overview
Funding rounds4 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pi Labs M&A and investment
M&A and investmentM&A
Investments118 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pi Labs
What does Pi Labs do?
Pi Labs is an early-stage venture capital firm that invests £350K–£2M tickets into built-world (real estate, construction, sustainable cities, infrastructure) startups from pre-seed to Series A, drawing on multiple dedicated funds (Fund I through Fund IV in raise). The firm also operates an award-winning Growth Programme accelerator running annual cohorts and produces proprietary proptech research and white papers for its portfolio companies and Limited Partners.
Is Pi Labs a public or private company?
Pi Labs is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Pi Labs founded?
Pi Labs was founded in 2014. It employs 11 to 50 people.
Where is Pi Labs based?
Pi Labs is headquartered in London, United Kingdom, in the Europe region.
How does Pi Labs make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Pi Labs's main competitors?
Direct peers on record are Fifth Wall, MetaProp, Moderne Ventures, Brick & Mortar Ventures, A/O PropTech, Camber Creek, Terner Labs and Concrete VC. Broad incumbents are Techstars and Antler.
Does Pi Labs have an API?
No public API is recorded for Pi Labs.
What industry is Pi Labs in?
Pi Labs's product category is Venture Capital / PropTech Investing. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists), with a secondary code of FSANAAAM, Accelerators & Incubators (Investor-Operated). Its NAICS code is 523940 and its SIC code is 6282.