CBRE partners with Taronga Ventures’ RealTechX to accelerate innovation in the real estate sector
CBRE has partnered with RealTechX, an innovation program backed by Asian venture capital firm Taronga Ventures to support emerging technology businesses and promote innovation and technology adoption in the real estate sector.
RealTechX facilitates connections with a network of leading real estate corporates and engages with partners from government, tertiary institutions and affiliated sectors. This level of market access is difficult for founders of emerging technology businesses to achieve without facilitated engagements through existing relationships.
CBRE’s Asia Pacific team joins current real estate partners Dexus, Lendlease, ISPT, Australian Unity and PGIM Real Estate to collaborate with emerging technology companies to drive adoption of technology in real estate assets.
Phil Rowland, CBRE’s President & CEO, Advisory Services for the Pacific Division, said “following our recent investment in Taronga’s RealTech Ventures Fund, the RealTechX partnership was a logical next step, providing an invaluable opportunity for us to work with emerging technology companies that can enable the best solutions for property occupiers and investors.” Steph Chung, CBRE’s Senior Director, Digital and Technology, said “this brings us the ability to learn about innovations early on and to stretch our own thinking with the rest of the RealTechX partner community. We get first access to see how these founders and organisations can add value for both CBRE and our clients and how we can work together to pilot and scale technology solutions.”
Jonathan Hannam, Managing Partner of Taronga Ventures, said “in May 2020, we were delighted to welcome CBRE as an investor in our venture capital fund, demonstrating their long-term commitment to driving innovation within their own organisation and on behalf of their clients.” Avi Naidu, Managing Partner of Taronga Ventures, added “CBRE’s extensive global footprint and proven track record with internal innovation will be an asset to both the emerging technologies coming through the program, as well as other corporate partners.”
In 2020, RealTechX has supported 12 high potential companies delivering construction technologies, smart buildings technologies and a range of tenant amenity innovations. In 2021, the program will support its partners to tackle COVID-related challenges and capture emerging opportunities with a new suite of innovative solutions to be announced in December.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Taronga Ventures, the RealTech Ventures Fund and RealTechX
Taronga Ventures, through its RealTech Ventures Fund, is a technology and innovation investor focused on innovation for the built environment. The Fund is an institutional venture fund that invests into globally scalable entities that will enhance or challenge the way real estate is designed, procured, financed, developed and managed across all sectors. The Fund is focused on developing a diverse portfolio covering sustainability, design, materials and software and provides capital, mentorship and global networks for those companies in which it invests, as well as first mover advantage for the corporates that participate in the Fund. Taronga Ventures has extensive experience across global markets and asset classes and is supported by strategic and institutional partners across Asia, the Middle East and Europe. RealTechX is Asia’s first government supported, industry-focused independent scale-up program for companies impacting real estate and the wider built world.