Allicon and Proptech as an Investment – Interview with Amavi Capital
“I’m convinced that investments in digital infrastructure and future-proof buildings will be valued more highly by both property investors and banks,” says Richard Lindqvist of Amavi Capital. Photo: Jeanette Dahlström.
The real estate industry is facing a technological shift that will significantly impact both valuations and tenant demands. We had a chat with Richard Lindqvist, partner at proptech investor Amavi Capital, about the market, trends, and why they chose to invest in Allicon.
For those who aren't familiar with you – what does Amavi Capital do?
“Amavi is a pan-European venture capital firm focused on technology-driven companies in the built environment sector, particularly within proptech. We launched our first fund in 2021, have our headquarters in Belgium, and a Nordic office in Stockholm. We combine experience from real estate, tech, and private equity to help our portfolio companies drive innovation in the built environment.”
At what stage do you usually invest in a company?
“We prefer companies that have reached at least one million euros in annual revenue, ideally closer to two, before we make our first investment. That initial investment is typically around one and a half to two million euros, and we always reserve a significant amount for follow-on investments as the company grows.”
What makes proptech particularly interesting right now?
“Flexibility markets are a hot topic at the moment – making buildings a part of the energy system. That means figuring out how, where, and when buildings use heating, cooling, and electricity. It requires both smart hardware and software to control the property – for example, automatically shutting off systems if the sun has been shining on the building all day. There are several players who could be part of a comprehensive solution, but no single company has really taken the lead just yet.”
“Another area is control of data, both general and building-specific. Property owners want to ensure data quality and make decisions based on it, but few currently have the capacity to do so. For example, that requires all systems in a building to be interconnected. This is where we think Allicon offers a strong value – by giving property owners control over their digital infrastructure and enabling data-driven decisions.”
Why do you think the development has been so slow?
“Honestly: the simple reason is that it hasn’t been necessary. Except for the last 3–4 years, interest rate policy and macroeconomics drove rents and property values in a way that allowed almost anyone to make money in real estate. Properties were largely valued based on location, and tenants haven’t been particularly demanding – until now. Today, we’re seeing a more demanding market where tenants expect higher standards. At the same time, many real estate organizations have been (and still are) decentralized, with regional offices operating like individual companies. That’s made it harder to coordinate and scale up smart services seamlessly.”
You recently invested in Allicon – what caught your attention?
“For us, it was clear that Allicon is breaking norms in digital infrastructure. It’s not just about connecting a building, but about providing every tenant with access to connectivity in a smooth and sustainable way. Allicon is also well ahead with its digital platform PropView, which delivers clear customer value. We see strong potential for international expansion.”
How does Sweden compare to other countries in proptech?
“The US is far ahead when it comes to residential solutions but is actually behind in smart solutions for commercial properties. In Europe, Finnish companies are often strong in technology and product development, but they’re not as commercially driven. Sweden is good at getting products to market quickly, even if the solutions are often refined a lot while being sold and implemented. This makes Allicon’s offering and delivery capacity highly relevant for the Nordic market. We want to invest in companies with strong product-market fit, and that’s very evident in Allicon’s case.”
What do you see ahead for proptech in the coming years?
“I’m convinced that investments in digital infrastructure and future-proof buildings will be valued more highly by both property investors and banks. Property owners who can deliver high-quality digital services and smart energy management will be more highly valued. In a perfect world, the development would have moved a bit faster – but it’s definitely moving in the right direction.”
Want to learn more? We’d be delighted to hear from you!
Andreas Boo, CEO Allicon
+46 (0)734 254 566