Miami’s LAB Ventures receives investment from well-known local public company
The venture wing associated with Miami’s oldest co-working space just got a boost.
LAB Ventures, the Miami-based startup “studio” launched out of The LAB Miami in Wynwood, has received an undisclosed investment from New Valley Ventures, the investment fund from publicly traded Vector Group Ltd. that focuses on opportunities in the property technology space.
These so-called PropTech startups and companies focus on innovations helping transform the real estate and construction industries. To date, LAB Ventures has deployed approximately $4 million in at least six PropTech startups.
LAB Ventures CEO Tigre Wenrich said his group is looking to raise at least $1 million in investments each quarter before the end of the year as it continues to grow.
“[New Valley Ventures] understand(s) that the PropTech revolution is not a passing fad, and by setting up New Valley Ventures they are bringing new technologies to their core operating businesses,” Wenrich said in a statement.
Vector Group, based in Miami, is the parent company of Douglas Elliman real estate group, as well as tobacco firms Liggett Group LLC and Vector Tobacco Inc. Vector’s largest individual shareholder is billionaire philanthropist Phillip Frost. Vector CEO Howard Lorber is a longtime South Florida resident; Lorber and Vector publicly launched New Valley Ventures in March.
“We’ve been following LAB Ventures for a couple of years now and are very impressed with what they have built in the PropTech space,” said Dan Sachar, managing director of New Valley Ventures and vice president of enterprise innovation for Vector Group. “By participating in their fund, we get access to new technologies that our operating companies can pilot, and early stage startups that we may eventually invest in directly. And as a Miami-based company, we are proud to contribute to the region’s growing technology ecosystem.”
This story was originally published June 7, 2021 at 4:08 PM.
