Pi Labs

Faisal Butt is the Managing Partner and Founder, overseeing investment strategy. Stefania Ponzo, Michael Murad and Hugo Silva serve as Partners, with Ponzo and Silva noted as non-governing roles. Michelle Wilk and Dhruv Gupta handle deal execution as Principals.

Pi Labs operates as a venture capital firm, raising capital from external limited partners. It closed its third fund at $90 million in 2022 and lists real estate institutions and corporates among its LP base, making it a third-party manager rather than a proprietary family vehicle.

Pi Labs invests directly into early-stage startups, taking equity positions with initial cheques of £350,000 to £2 million. There is no public evidence that the firm makes fund-of-fund commitments to external managers.

The firm invests from pre-seed through Series A, with follow-on capacity in later rounds. Its accelerator program supports companies at the earliest stages, while the core fund typically leads or co-leads seed and Series A rounds in Europe and North America.

Pi Labs does not publish a formal exclusion list, but its investments concentrate tightly on the built world — sustainable construction, building efficiency, property management, and urban infrastructure technology. Biotech, pure fintech, and consumer internet outside the real estate context fall outside its observable mandate.

The firm leverages a network of venture partners from companies such as CrowdProperty, Nested.com, and IBM, alongside corporate limited partners that include real estate operators. Its accelerator programme, now in its twelfth cohort, serves as a proprietary top-of-funnel engine for identifying early-stage teams.

Pi Labs regularly co-invests with other venture firms and corporate venture arms. Its portfolio companies have raised from syndicates that include generalist and climate-focused funds, though the firm itself does not operate a formal co-investment club structure.