Austria-based proptech startup PlanRadar secures €60.9M from Insight Partners, others

Vienna-based PlanRadar, a company that offers a SaaS solution for documentation and communication in construction and real estate projects, announced on Thursday that it has raised $69M (approx €60.9M) in its Series B round of funding. 

PlanRadar claims that this is the third-largest Series B in Austrian history, after unicorns BitPanda and GoStudent, and also the largest ever for a B2B company in the country.

Investors in this round

The round was co-led by Insight Partners and Quadrille Capital. It also saw participation from existing investor Cavalry Ventures. Returning investors Headline, Berliner Volksbank Ventures, and aws Gründerfonds, along with new investors Proptech1, Russmedia, and GR Capital also invested in this round.

Brice Delome, Partner at Quadrille Capital, says, “We have been extremely impressed by the technology, the team, and how PlanRadar’s approach is helping digitise construction and real estate. We now look forward to supporting the ongoing global expansion of the company.”

Capital utilisation

The proceeds from this round will help the company double down on its international expansion and technological development. PlanRadar is also set to open new offices in the US, Australia, the Gulf Cooperation Council (GCC), Southeast Asia, and Latin America.

The Vienna-based startups will also boost R&D investment, creating a new tech hub and a dedicated product innovation team to further add ‘sector-defining’ new technologies to its SaaS platform. In total, the company will create over 200 new jobs, nearly doubling its global headcount, over the coming 12 months.

Ibrahim Imam, co-founder and co-CEO of PlanRadar, says, “We’re on a mission to make construction and building operations easier to manage, and we’ve proven there’s a huge global appetite for our technology. We are so proud of everything our team has achieved, and we’re grateful for our investors’ support as we add value for customers across new markets and industries.”

Simplify construction and real estate projects

Founded in 2013 by Clemens Hammerl, Constantin Köck, Domagoj Dolinsek, Ibrahim Imam, and Sander van de Rijdt, PlanRadar is a cloud-based SaaS field management solution for documentation and communication in construction and real estate projects. It can be used for fault and task management, maintenance, building inspections, construction documentation, handovers, and more.

Co-founder Sander van de Rijdt says, “By growing PlanRadar into the world’s leading proptech platform, we’re transforming an industry that has historically been reluctant to go digital. We’re showing that if you give customers an intuitive platform that makes their jobs easier, and combine it with gold-standard support services, then they are eager to embrace cutting-edge solutions. It really is as simple as that.”

By digitising workflows, PlanRadar claims to reduce the frequency of errors, save time, and enable an increase in efficiency: customers report saving up to 7 working hours a week.

In the 18 months since its $34M Series A round, PlanRadar has witnessed revenue increase by over 250 per cent and has more than doubled its customer base. The company claims that its solution is trusted by 14,500 customers and is used daily by 100,000 industry professionals in over 60 countries to drive project efficiencies and ensure high-quality completion. The company’s growth has been enabled through global expansion, including launching in 10 new markets across Europe and Russia since 2020.

How PlanRadar was born and how it works

After years of experience as a construction project manager, PlanRadar’s co-founder Domagoj Dolinsek realised that a technology solution could make his job easier. He developed the core idea for PlanRadar. He reached out to established entrepreneurs Ibrahim Imam and Sander van de Rijdt, who provided valuable advice in the early days. Imam and van de Rijdt are now co-CEOs of the company.

PlanRadar launched in Vienna with a small and agile team. Founder Domagoj brought the construction expertise and ideas and was joined by co-founders Constantin Köck in development, now the CTO, and Clemens Hammerl in design, now the Chief of Mobile Development.

The company enables a host of services for its users. Alongside viewing digital plans like blueprints, the service enables the creation of tickets wherein photos, text, and voice memos can be added. People added to the group also receive a direct notification when they are assigned a ticket.

Besides, different attributes can be added to a ticket such as a contractor’s name, title, priority, and completion date. Annotations, plans, and images can also be added, through a drawing function.

The SaaS platform enables users to export project data, statistics, and reports whenever they need. There’s an option to invite users to work on a project and one can also upload digital plans to the platform.