Austrian PlanRadar, a startup digitalising documentation and communication in construction and real estate projects, has secured a €30 million Series A funding, led by Insight Partners, one of the largest global software investors. Additionally, e.ventures and existing investors Cavalry Ventures, Berliner Volksbank Ventures and aws Gründerfonds also participated.
PlanRadar, founded in 2013, is a cloud-based SaaS solution for construction documentation and defect management in real estate projects. The user uploads blueprints, can pin any defects or tasks directly via their smartphone or tablet on the blueprint, and then can share and communicate them with other project stakeholders (e.g. suppliers, owners, etc.). With this method, the whole communication and work flow is documented and can be used for reports and revision.
Thanks to this solution, companies are making cost and time savings of 60-70%, which equals to a collective €500 million across Europe and 7+ hours in admin time per week. With this new investment, the startup has the potential to fuel further global savings and promises to help scale the already successful model worldwide. The capital is earmarked for strategic expansion into nine new territories worldwide and deepening its foothold into its already-established markets.
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 said: “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.”