PropTech SaaS solution provider, PlanRadar, has secured €30m in Series A funding to boost digital transformation in construction and real estate
The digital transformation in construction investment has the potential to fuel further global savings and promises to help scale the model worldwide.
This capital is earmarked for strategic expansion into nine new territories worldwide and deepening its foothold into its already-established markets.
Insight Partners led the investment round, with e.ventures and existing investors Cavalry Ventures, Berliner Volksbank Ventures and aws Gründerfonds also participating.
A digital future
Thomas Krane, principal at Insight Partners, said: “As the world of construction and property management undergoes a fundamental shift toward a digital future, PlanRadar has become a trusted partner in the industry, enabling their customers to build better buildings and ensure infrastructure works are on time and on budget.
“Our investment underscores the confidence we have in PlanRadar’s category-leading technology, and we look forward to supporting them as they scale up and continue their global expansion.”
Sander van de Rijdt, co-CEO and co-founder of PlanRadar, commented: “We’ve dedicated our work to digitising an industry that remains overly reliant on pen and paper. 70% of our users’ report moving to PlanRadar from offline data collection.
“The sector has always suffered a reluctance to modernise on-the-ground communication, so an investment like this from such renowned investors is an indication of real belief in what we’ve created with PlanRadar.”
He continued: “It’s never easy to transform a sector, but with this boost of confidence and significant investment, we can continue our mission to transform the industry on a global scale.
“We appreciate the support and operational expertise of Insight Partners’ Onsite team and all our investors as we enter the next phase of PlanRadar’s journey.”
Technological innovation and growth
Ibrahim Imam, co-CEO and co-founder of PlanRadar, said: “Last year was fantastic for the PlanRadar team across borders, and with this new capital we are eager to take this success even further.
“You can expect to see further technological innovation and growth, increased savings for customers on a global scale, and a real shift in the way construction and real estate looks at handheld technology.
“Our technology transcends language and age barriers on our construction and real estate sites – two of the biggest barriers – so the potential for adoption is huge.”
Stefan Walter, managing oartner of Cavalry, added: “The digitalisation of the construction industry has gained enormous momentum in recent years.
“As a pioneer in the German-speaking markets, PlanRadar is ideally positioned to meet the high demand of international clients”.
PlanRadar plans to grow by 8,000 new customers in 2020.
