Celebrating our People: Michael Murad’s Five-Year Journey
At Pi Labs, we firmly believe that the most powerful driving force of our mission is our people. They are the heart and soul of our company; driving innovation, collaboration, and propelling us toward our goals. Recently, Michael Murad, our Partner and Executive Director, celebrated his fifth anniversary at Pi Labs. Michael has played a pivotal role in Pi Labs’ journey over the past five years serving as both a leader and visionary in the ever-evolving landscape of venture capital. To mark this milestone, Michael shares some of the key moments and learnings along his journey.
What’s your favourite memory of working at Pi Labs?
My favourite memory is when we held the final close of our third fund. This milestone was significant because it marked the backing and support from a large number of institutional investors who share our vision for the future of the industry. Not only was it a personal achievement for me to be part of this process, but it also meant a great deal to the entire team and the business as a whole. The celebrations were great. This achievement enabled us to support the most incredible and diverse early-stage companies who are tackling some of the most crucial and urgent social, economic, and environmental issues.
Pi Labs then & now — what’s different, how have we grown?
Reflecting on Pi Labs then and now, it’s evident how much we’ve grown and evolved. Since I joined, our size has almost quadrupled, when including our fantastic team and wider suite of venture partners.
Our fund size has grown tenfold compared to when I started, and our overall capabilities have expanded significantly.
Our investment reach now spans over 17 countries globally, and our LP base has become more global as well. We’re at the forefront of helping these groups — our LPs — learn about and deploy the amazing technologies we invest in. Our research capabilities remain unmatched; not only are we leading thought leaders in this domain, but we also educate those studying the future of real estate.
Winning the UKPA Proptech Investor of the Year award four times out of my five-year career with Pi Labs demonstrates our commitment to and growth in the industry.
How has the Proptech VC landscape shifted during your time?
It has been truly remarkable to witness the evolution. Firstly, there has been a notable surge in technology adoption among traditional real estate groups, which underscores our efforts in advocating for the digitalisation and decarbonisation of real assets.
We have been pioneers in investing in cutting-edge technologies ahead of their mainstream adoption, as exemplified by our early ventures into AI from back in 2018–19. This underscores the diligence of our research team in identifying emerging trends before they become mainstream. Moreover, regulatory changes have spurred a plethora of innovations, particularly solutions addressing global challenges. The Proptech ecosystem itself has matured significantly, as evidenced by the global scalability of our portfolio companies that now operate in multiple geographies across the world. Also, there have been remarkable liquidity opportunities emerging in the space, contributing to the full realisation of our Fund I. These shifts highlight the dynamic nature of the Proptech landscape and our role in its progression.
If you had to distil your five years of experience into one guiding principle for success in venture capital, what would it be?
VC is a very fast paced industry, one in which you do not stop learning (which is why I love it). Striving for regular iterations and improvements, while maintaining resilience, is a recipe for success.
If you could choose any fictional character to join your finance team for a day, who would it be and why?
James Bond — he’d be tasked with navigating high-stakes financial negotiations with charm, sophistication, and a touch of espionage flair!
