California-based venture capital firm Navitas Capital, which is focused on funding real estate-related technology startups, has just landed $60 million from investors including Divco West Real Estate Services, commercial real estate service firm JLL, and French construction material company Saint-Gobain.
Navitas Capital probably isn’t a name most people have heard of, as it’s yet to secure its first major exit following its early investments. However, Navitas is a key backer of several well-known real estate tech companies that are currently making waves in the industry, including 3D visualization startup Matterport, and construction management software provider PlanGrid, among others.
Matterport has raised a grand total of $65 million to date since its founding in 2010, while PlanGrid has notched up $66 million so far.
The new funding is triple the size of Navitas’ debut effort, which was a $20 million round of funding it closed on in 2011.
Navitas said it expects to invest up to $5 million each in new real estate startups it identifies as solid bets that can make an impact on the industry, but it didn’t reveal any names yet. The company’s leaders seem to have solid credentials – it was co-founded by Travis Putnam, who previously worked as a senior analyst at an investment banking firm formerly called Murphy & Associates. Another co-founder, Jim Pettit, was previously a principal with Bancroft Capital, a real estate investment firm in California.
Alongside the new capital, Navitas is bringing onboard a new managing partner in the shape of Gary Dillabough, who previously served as a managing partner at Westly Group, leading its smart buildings and energy efficiency initiatives.