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Exclusive: Prop-tech investor Prudence closes $80M fund

Illustration of a welcome mat that is a one-hundred dollar bill.

Illustration: Maura Losch/Axios

Prudence, an early-stage VC focused on property tech and adjacent industries, has raised $80 million for its third fund, the firm tells Axios exclusively.

Why it matters: The firm's latest fund is slightly larger than its $65 million Fund II, which closed in 2020, but has not previously been announced.

Between the lines: Prudence focuses on several sectors connected to what it calls the "transformation of the built world," including construction, real estate, infrastructure, and climate/energy adaptation.

  • The firm invests from seed to Series B, targeting 10-15 companies per fund.
  • It typically leads investment rounds and actively participates in portfolio companies as an investor and board member.

What they're saying: "People who are ascending to leadership positions within the commercial real estate sector have been digitally native their entire career," Prudence founder and managing partner Gavin Myers says. "So they're looking for the tools and efficiencies to replace the old standard processes, so their businesses can reap the benefits of the technology gains that come from it."

Context: Founded in 2009, the New York-based venture firm has $230 million in AUM and has invested in companies such as Compass, Crexi, Casafari, Hemlane, Maxwell, and Morty.

The latest: Prudence has already made three investments out of Fund III — AI Clearing, a construction progress tracking and quality control platform; Propexo, which developed an API for property management software; and VendorPM, a platform for property managers to automate vendor management and procurement.

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