Tuesday, March 5, 2024
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HomeNewsletterLatest NewsletterProptech firm Inspace completes $6M Series A raise

Proptech firm Inspace completes $6M Series A raise

Property technology (proptech) company Inspace recently completed a $6 million Series A funding round, Startup Daily reports. Facebook co-founder Eduardo Saverin’s B Capital and current investor Our Innovation Fund (OIF) led the round.

“Inspace has developed an innovative, end-to-end platform for CRE in the virtual era, leading to improved leasing, asset insights, and portfolio management for its customers,” Anuj Varma, Partner at B Capital, said. “B Capital is excited to support Inspace in its mission, reflecting our global strategy of investing in technology that revitalizes existing industries, allowing them to adapt to a changing environment.”

Inspace, whose software platform allows real estate agents and building owners to showcase their properties virtually and in 3D, also raised $4 million in a pre-Series A round in October 2021. The latest set of funds is expected to be used for research and development, which includes predictive insights, AI-generated documentation as well as new tools real estate fund managers can use to retain and raise capital, according to Startup Daily.

Company founder and CEO Justin Liang started Inspace three years ago. Since then, the platform has been used for real estate pitches in 11 countries and by leading CRE companies and investors such as CBRE, JLL and Blackstone. Additionally, more than 90 percent of the top CRE landlords in Australia use Inspace.

The company, which started in 2017 as an augmented reality (AR) solution to help builders and architects avoid construction mistakes, has seen its subscription revenue increase approximately 400 percent during the past 18 months.

“Inspace enhances communication between any group of people discussing commercial real estate – whether it’s in a boardroom, at a Starbucks or across the world,” Liang said. “With instant remote access to buildings, we not only reduce costs and promote a greener world, but enable landlords and agents to present at scale, capture insights, and accelerate deal completion.

OIF co-founder Geoff Levy, also acknowledged the fund was happy to be a part of Inspace’s most recent raise.

“We are incredibly excited to be continuing to support Justin and the Inspace team on this journey,” Levy said. “They are providing property syndicators in a global market with, amongst other things, an excellent re-engagement tool to keep redemptions to a minimum. This, in addition to their core uses for those customers, at a critical time in the cycle when property investors are seeking to exit their investments.”

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