Editorial Perspective
Noa (rebranded from A/O PropTech) is Europe's largest dedicated PropTech fund at €250M of permanent capital—structured more like a corporate than a traditional VC, making them stage-agnostic and patient. Gregory Dewerpe's thesis centres on platforms that can reshape RE value chains: property management automation, hospitality data intelligence, residential investment platforms. They co-invest frequently with Round Hill Ventures, DMG Ventures, and LocalGlobe. Best fit for founders past Seed with strong revenue traction who need growth capital and RE industry connections. Not ideal for pre-revenue; they want proven GTM and clear path to €10M ARR.
Investment Profile.
Check Size
£1.0M–£10.0M
Active Fund Vintage
2020
Investment Stages
Seed, Series A
Headquarters
London, UK
Investment Strategy.
The complete funding journey. This firm focuses on stages highlighted below.
Pre-Seed
$10K–$1M
Stage Focus
Proof of concept / Prototype
Growth Elements
- →Hiring
- →Product development
- →Early validation
Seed
$500K–$3M
Stage Focus
Product-market fit
Growth Elements
- →Hiring
- →Product iteration
- →Initial traction
Series A
$5M–$15M
Stage Focus
Revenue growth & scale
Growth Elements
- →Hiring
- →Development
- →Operations
- →Branding & Marketing
Series B
$15M–$50M
Stage Focus
Growth & expansion
Growth Elements
- →Hiring
- →Market expansion
- →M&A exploration
Series C
$50M–$200M+
Stage Focus
Large-scale expansion
Growth Elements
- →International markets
- →Acquisitions
- →Scale operations
Check Size for This Fund
£1.0M–£10.0M
Typical check size across all stages. Size may vary by stage and fund vintage.
Notable Portfolio.
Plentific
Bricklane
Fornova
Orbital Witness
Recent Activity.
Plentific ($32M Series B, led)
Bricklane (Follow-on, 2024)
Investment Team.
Tomas M. Krogh
Fractional Chief Commercial Officer
I specialize in taking founder-led commercial engines apart until only the parts that work are left standing. Before advising, I operated-scaling a business from zero to the FT1000 list three years running and facilitating 10 billion DKK in property transactions. I don't write polite advisory decks; I give you the exact commercial reality check you need before an investment committee does it for you.
Commercial intelligence last verified on 21 April 2026. Public deal activity sourced via Crunchbase/Dealroom.