A Sydney-based company has undertaken the pre-Series A funding round as it looks to expand to the US and the UK and harness current COVID-19 restrictions.
Inspace, a commercial property offering that enables real estate businesses to host virtual inspections and can aid in the facilitation of material lease and sale agreements, undertook the $4 million fund raising thanks to Our Innovation Fund (OIF), with participation from Aconex’s Leigh Jasper, Investible, and Artesian.
With existing customers already including Dexus, Mirvac, JLL, CBRE, Blackstone, and Lendlease, among others, the fund’s announcement comes after Inspace’s Stack platform was recently used as part of the recent $463 million sale of 1 Woolworths Way to Singapore’s AA REIT and KSL Capital Partners’ purchase of Sydney’s Four Points by Sheraton.
According to the company, the capital raise enables Inspace to build on the rapid growth in adoption of its “Stack” virtual property visualisation platform across APAC markets, including Australia, Singapore, and Japan, as well as allow the company to help property firms worldwide with the completion of sales and leasing deals despite COVID-related restrictions.
According to Inspace founder and CEO Justin Liang, the business is focused “on helping our real estate customers navigate the COVID-enforced shift from physical inspections to digital walkthroughs”.
“From day one, we have had the vision to host the digital replica of every commercial building in the world, and COVID has materially accelerated the adoption of our thesis in the industry,” he stated.
Mr Liang has noted strong interest already from the US market.
He revealed: “In twelve months, we’d like to have a strong presence in the US and UK markets and host the portfolios of the largest real estate companies on our platform.”
“Australia has an incredible property and technology reputation globally, and we want to build on that and build a business we can all be incredibly proud of.”
Commenting on the raise, Laurence Schwartz, a partner with OIF, said, “Justin is an exceptional founder building a world-class team, product and company in an industry that is going through massive digitisation.”
“Inspace is being used by leading real estate companies – Dexus, Mirvac, JLL, CBRE, among many others – and we believe our deep software background and experience in proptech, as well as scaling businesses from Australia to the US, will be very value-adding on Inspace’s journey ahead,” he continued.
“As engagement with physical real estate becomes more digital, Inspace will be leading the way, and we’re very proud to be partnering with Justin and the team to achieve this globally.”
Inspace has also revealed Geoff Levy AO is set to join Inspace’s board of directors, having previously been chairman of Cromwell Property Group and a director of Mirvac.