Seven years ago, five founders launched a software product designed to record defects in building buildings. Today, under a different brand and offering many other services, the Austrian company Proptech Planradar is launching a series of 30 million euros per cycle, led by American investors to bring the company to the next level.
“The entire construction and real estate industry undergoes a fundamental change towards a digital future. Planradar has already become a partner established in the industry, which supports its users throughout the value chain in the implementation of their projects timely and in accordance with the budget. Our investment highlights the confidence in the main Planradar technology and we are pleased to welcome the company and support its subsequent development, ”comments Thomas Krane, director of Insight partners, one of the main investors.
Designed to optimize communication and documentation in construction, but also installation management processes, Planradar has so far managed to convince more than 45 customers, including Porr, Strabag, Siemens and Rewe Group. There is no information on the assessment of the company, but it should exceed 100 million euros.
A leader in manufacturing
Planradar has developed cloud software used for construction documentation, task management and defects. It works via applications for iOS, Android or Windows 10 as well as in the browser and is now used by 60,000 users in 45 countries. Customers are mainly construction companies such as Strabag, Porr or Siemens, but also retail chains like Rewe, which use the installation management tool.
Making traditional management and communication of documentation in the industry, generally made with paper, cameras and excellent, faster and more effective leaves – it is in fact the “secret sauce” of Planradar. “This is how we collect people,” says Sander Van de Rijdt, co-founder and managing director of Planradar. “We facilitate documentation and communication.” The software allows users to access the current plans, documents, appointments and contacts, so that entrepreneurs can constantly implement the objectives of their project through direct communication with their client, installation managers can remain up to date with developments. The company says that the product increases the project’s efficiency up to 70%.
The financing tour arrives at the right time. In 2019, thanks to the cash flows generated by his company, Planradar managed to open locations and subsidiaries in Croatia and Great Britain. “Now one point has been reached on a scale properly,” said Sander Van de Rijdt. The founders contacted many VCs in 2019 and, in a month, received around 10 leaves. “Then we decided on those who suit us best,” explains the co-founder. Side effect: “The tour proved larger than expected.” In this series A, Insight Partners, whose headquarters are in New York, is the main investor (now holds around 20%in Planradar), E.ventures (5%), existing investors of Berliner Volksbank Ventures (8.5%), Cavalry Ventures (9.6%) and AWS Gründerfonds (1.5%) are still involved.
Now, the Planradar team plans to invest the capital newly raised mainly in staff and marketing. They now plan to have their own offices in Australia, Dubai, France, Italy, the Netherlands, Poland, Russia, Sweden and Spain – where their own sellers will take care of sales.
Five founders who remain together
Planradar has reached the highest point of a long journey. The company was founded in 2013, at the time under the name Defectradar. At that time, the software was designed to record defects in construction, but now it covers many other aspects. One thing remains constant with the scale – the five founders. “We are a big team. He remains thus, ”explains Sander Van de Rijdt. The five founders still hold just over 50% of the company.