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Monday 11 October 2021

PropTech LandTech lands new funding to build faster

logoI’m a little surprised I hadn’t heard of London-based ‘proptech’ startup LandTech before now.

LandTech (formal name, Land Technologies Ltd) launched its core platform in 2015 and have since undertaken multiple funding rounds starting with a £365k raise on Seedrs. They have just announced a £42m Series A round, led by US-based Updata Partners with participation from Flashpoint Secondary Fund and existing investors Pi Labs and JLL Spark. JLL Spark (the proptech VC arm of UK-founded but how US-HQ’d real estate business, Jones Lang LaSalle) invested an unspecified amount in January 2020. JLL Spark also backs London-based ‘Airbnb of temporary office space’, Hubble (see Hubble bubbles with another £4m).

LandTech can probably best be described as a market intelligence and site development tool for the housing property industry. Its core platform, LandInsight is a search engine for off-market housing development sites, and can be coupled with LandEnhance, which aims to simplify and accelerate the planning application process. A freebie add-on, LandFund, creates financial appraisals for funding applications. LandTech charges from £45 p.m. for a ‘starter’ version of LandInsight, whereas LandEnhance has bespoke pricing.

According to the PR, Landtech is used by the UK’s 10 largest housebuilders, including JLL (of course!), Taylor Wimpey, CBRE, BNP Paribas, Cushman & Wakefield and Savills, as well as ‘thousands’ of SME property developers in the UK.

LandTech has clearly set its sights on the US market. The ‘acid test’ for LandTech will be how readily its platforms can be adapted for the very different housing market and planning and funding application processes in the US. The substantial new funding sounds a credible amount to give LandTech a good shot at succeeding.

Posted by: Anthony Miller at 08:53

Tags: funding   startup  

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