Masakhe 02_DIGITAL PAPERTURN - Flipbook - Page 32
a venture capital fund with a singular
focus: property technology. Proptech.
When he first heard the term, he
admits he “thought it was gimmicky.”
It’s a world away from one of the
mantras of his earlier UCT studies.
“In Property 1, they say ‘location,
location, location’,” he says with
a wry smile. But now, he argues, it’s
about “location and experience”.
He saw an industry dominated by
legacy thinking, processes that
too often amounted to little more
than “digitising filing cabinets.”
During Covid, Peter saw an opening
and decided to leave his role at
Ninety-One to become a founder at
REdimension. “Most people would try
to de-risk more,” he acknowledges,
nodding, chalking his own decision
up to a combination of “naivete and
youth” and the conviction that he had
a “strong network into the market.”
“It’s a long and hard game,” he
admits, especially in the beginning.
It’s about “convincing people
to partner,” which is where his
background became his strongest
asset. “That is where having a
credible track record is important,”
he explains. It’s a simple pitch. They
find promising early-stage tech, and
“support you with capital, clients,
and give you decent returns.” The
fund is now, he says, “blessed with
deal flow and pipeline.” One of its
major investments, the smart-parking
company Admyt, has grown from
25 sites to over 80.
Clark’s vision for proptech is
pragmatic. Asked about success, he
describes the “compounding effect
of lots of bits of hard work” and
ISSUE 2
the need to “iterate quickly” and be
“ruthless in execution.” It’s “a bit”
about creating “sexier user tools”,
he jokes. But the main work is in
“generating real, measurable returns”.
On sustainability, Peter is already
nodding along, anticipating my
question. “I think sustainability has
actually moved beyond the buzzword
phase”, he says. Tech, he argues, can
provide more sustainable outcomes
as a byproduct of efficiency. Admyt,
for instance, has saved over a million
paper tickets. Reduced car dwell
times mean reduced emissions. “We
are into fully integrating,” he says,
“not looking for sustainability for
sustainability’s sake.”
Ultimately, Clark sees technology
as a tool to make property a more
personal experience. “Property
becomes a very personal experience,”
he reflects. “As much as property
is a place for activities, we become
attached to our space.” For a
tenant in a residential block, tech
can streamline everything from
maintenance requests to amenity
bookings. For a shopper, it’s about
“knowing what the traffic is like”,
“whether you can get a coffee”, and if
the “bathrooms are clean”.
The industry has changed a lot
since his time at UCT. “When I studied
property studies, there was no
mention of proptech,” he says. “Now,
young grads want to interview me
about it.” It’s a shift he finds “very
encouraging.” His advice to those
grads is simple and clear: find your
niche and commit to it. “You have
to fly your flag in your industry,” he
insists. “Don’t be a fencesitter. You
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