Elkstone on Backing Unicorns, Investing in Prop-Tech and How Covid Has Changed Venture Capital

This month, two of our portfolio companies – LetsGetChecked and Thirty Madison achieved unicorn status. In today’s article from The Currency, Alan explains what we saw in both businesses, reveals why we are now investing in prop-tech and how Covid has changed venture investing.

Alan Merriman, Chairman said: “LetsGetChecked is an amazing business, but we need the right set-up to help more start-ups come through. The Irish ecosystem needs more angel funding. We need the right government policy to encourage people to allocate their capital towards venture.”

The article also discusses our recent partnership with Faisal Butt of Pi Labs. As part of Elkstone’s strategy to locate the next generation of start-ups, we invested in Pi Labs’ third institutional fund. Pi Labs is raising $75 million to invest in about 50 property tech companies over the next five years.

“We are a believer in the generalist model of investing, but we are not wedded to that single view. We also think it makes sense to specialise in areas like prop-tech. Real Estate is a space that we know and feel we should have an edge in, so we think there is a natural marriage by working with Pi Labs.

As a venture player, we are very conscious that real estate is behind the curve in terms of technology. There hasn’t been enough disruption…but that means we have a huge tailwind in this sector”.

Read the full interview which appeared in The Currency today – Elkstone’s Alan Merriman on backing unicorns, investing in prop-tech and how Covid has changed venture capital