London-based LandTech, a proptech platform that enables property developers to identify and evaluate off-market opportunities, announced on Tuesday, February 7, that it has raised £10M (approximately €11.26M) in a growth round of funding.
The investment was made by Canada-based CIBC Innovation Banking, a financial firm that offers strategic advice, cash management and funding to innovative companies across North America, the UK, and select European countries.
Simplifying property development
According to LandTech, although real estate development is technically easy, more rules, choices, information, and competition has made it more difficult than ever. If done incorrectly, one might incur significant costs.
This is where LandTech looks to operate. Founded in 2014 by Andrew Moist and Jonny Britton, LandTech is a property development tool that was created to address housing and community building shortages.
The platform accelerates the search, evaluation, and purchase of additional land, allowing customers to construct properties at a lower cost.
The company says that more than 2,000 clients in the property industry, including architects, planners, government agencies, commercial, power, and residential developers, use LandTech’s product, LandInsight, which was introduced in 2015.
Capital utilisation
Landtech says it will use the funds to expand its range of products to assist customers in navigating the difficult sourcing, evaluating, and purchasing processes, while also meeting local requirements.
Additionally, the funds will also be utilised to assist the recent US expansion of the company, including potential acquisitions.
Darren Quigg, CFO at LandTech, says, “CIBC Innovation Banking’s investment will help us further innovate on behalf of our clients to optimise the end-to-end cycle of property development. In the last year, we’ve continued to scale our business and grow our team.”
“Now, with CIBC Innovation Banking’s support, we’ll look to continue to scale rapidly by further embedding ourselves as the leading player in our market, continuing to add mission-critical features that we can offer to all existing customers,” adds Quigg.
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