Quick take:
- The fund will invest in companies building in the metaverse.
- Agya predicts that the metaverse will fundamentally impact real estate.
- The VC hopes to bridge the gap between virtual and built worlds.
Agya Ventures, a venture capital firm focused on early-stage real estate and construction technology, announced today the close of its $32 million first investment fund (Fund I).
The close of the fund rounds out an initial investing phase for the VC firm as it has backed 19 early-stage real estate tech and construction tech companies in the U.S. over the course of a year and a half. Fund I will continue investing in early-stage proptech startups, with some investments in the metaverse.
The firm plans to invest about 50 to 55 per cent in conventional proptech while the remaining 45 per cent will be invested in metaverse real estate startups that bridge the gap between the real and virtual world.
Fund I will double down on its existing portfolio with new investments in the future of office, housing, hospitality, retail, and construction. In parallel, the fund will also invest in companies building for the metaverse to make the internet more immersive and experiential. As the metaverse matures, Agya predicts that it will fundamentally impact real estate and its adjacent industries.
Founded in 2019 by Kunal Lunawat and Nobu Iguchi, Agya Ventures started out as a consulting firm for Japan-based real estate developers and general contractors. The co-founders and managing partners – who were classmates at Yale and Harvard Business School – later pivoted the firm into venture capital with their real estate developer and general contractor clients participating as limited partners in their fund.
The fund’s limited partners include leading real estate firms, construction companies, and smart city developers from Japan, with significant asset holdings and businesses in the Indo-Pacific region. Among them are Mitsubishi Estate, Tokyu Fudosan, Obayashi Corporation, Mori Trust, and Hitachi Solutions.
Over the next year, Agya will continue to build critical business relationships in the MENA and APAC regions to introduce opportunities for its portfolio companies’ expansion beyond the United States.
“The last two years have brought about massive changes in how we work, travel, and live,” said Agya Ventures General Partner Nobu Iguchi. “Practically every stakeholder in these areas – real estate developers, general contractors, home builders, financial institutions, local governments – is looking at technology solutions to fundamentally improve the quality of our lives.”
The firm emphasised that 50% of its portfolio companies have had at least one female co-founder, far exceeding the current venture capital average of 18%.
“Through our investments in real estate technology and the metaverse, we’re giving shape to one of the most powerful founder communities in the space,” said Iguchi. “As we invest in new companies, we are subsequently giving those founders access to our L.P.s and partners, who are eager to adopt their new-age solutions – creating a powerful flywheel for growth.”
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