Real Estate Venture Scrounges up $60 Million

The real estate industry does not want to be left behind. One of their multiple interests in technology has been seen in the massive inflow of funds into Navitas Capital. The early stage firm concentrates primarily on real estate technologies. An example of the latter is building design. Navitas has inked a massive $60 million fund from a number of notable investors. The list of investors includes Divco West Real Estate Services, an investment firm specializing in real estate and JLL, the real estate company noted for its commercial services. Other notable fund contributors happen to be the likes of Saint Gobain, the French multinational adept in designing, distributing, and manufacturing construction materials.

Partners and investments

Equity Residential is the fourth limited partner. This company is a publicly traded one and owns a large number of apartment properties. The company has also invested in real estate-focused Fifth Wall Ventures. The latter is a young company and operates out of Los Angeles. Fifth Wall has also received $212 million in financial commitments from large real estate companies in May.

When it comes to Navitas, this fund is three times the size of the debut effort. The fund closed with about $20 million during 2011. It is clear that a few investors made bets on the company during that time. Interestingly, no big exits have occurred until now. The list of other companies present in the portfolio includes Matterport, the start-up company specializing in 3D visualization and PlanGrid, the software management company known for its construction management software. The latter is six years old and has raised $65 million until now. Matterport has raised a total of $66 million.

Prior industry experience

Travis Putnam co-founded Navitas. Putnam has previous work experience as a senior analyst in Murphy & Associates, a firm specializing in investment banking. Jim Petit is another co-founder. He has earlier worked as a principal with Bancroft Capital. The latter is a California-headquartered investment firm specializing in real estate.  Putnam and Petit have inducted Gary Dillabough as their new managing partner. He is expected to invest the fund money.

Dillabough was earlier a managing partner at the Westly Group. In his previous job, he had led the energy efficiency and smart buildings practice at the firm. Navitas, with prior experience in Fifth Wall, is betting that the vested interest of its backers will help them to beat the competition.

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