Wilshire Lane Capital, a Los Angeles, CA-based early-stage venture capital firm investing in PropTech, received $40M in LP commitments with the first close of its debut fund.
New investors in the first close include J.P. Morgan Asset Management, Nile Capital Group, Schusterman Family Investments, TRB Advisors, First Close Partners, Asland Capital Partners, Bullock Capital and Efrem Kamen, founder of Pura Vida Investments, as well as anchor investor Morgan Properties, the largest private multifamily owner in the United States.
Founded by Adam Demuyakor, WLC has been raising capital for this investment vehicle over the past four months. The fund’s target size is $125 Million.
Since announcing its strategic partnership with Morgan Properties and its consortium of other property owner LPs earlier this year, WLC has already made investments out of the fund in promising companies such as the Black-owned FinTech unicorn Esusu as well as Jetty, Funnel Leasing, and metaverse real estate category leader, Everyrealm. The firm has also recently led a Series A round in Piñata, a FinTech company focused on renter rewards in the multifamily space.
J.P. Morgan Asset Management’s investment was made as part of Project Spark, a $65 million initiative to back emerging managers of diverse backgrounds.
Wilshire Lane Capital’s latest fund is focused on investments in early-stage (i.e. predominantly Series Seed through Series B stages) PropTech companies. Demuyakor has previously invested in some of the preeminent companies in the space including Unicorns VTS and Kitopi, as well as other promising companies such as Neighbor, Common, Saltbox, Pronto Housing, Hungry House, and Stuf Storage. Today’s announcement marks the first close of WLC’s debut fund and Demuyakor’s third as a General Partner.
FinSMEs
25/02/2022