PlanRadar, a leading digital field management platform for construction and real estate, has raised $69m (£50.6m) in a Series B funding round co-led by Insight Partners and Quadrille Capital.
The round also drew participation from existing investors including Headline, Berliner Volksbank Ventures, aws Gründerfonds, and Cavalry Ventures, plus new investors Proptech1, Russmedia, and GR Capital.
According to PlanRadar, the funding marks the largest-ever Series B raise for a B2B company in Austria, and the third largest overall.
The capital will support the company’s plans to open more international offices, boost R&D investment, and double its global headcount over the coming 12 months.
PlanRadar also plans to create a new tech hub and a dedicated product innovation team to bring new technologies to its
Ibrahim Imam, PlanRadar co-founder and co-CEO, said: “We’re on a mission to make construction and building operations easier to manage, and we’ve proven there’s a huge global appetite for our technology.
“We are so proud of everything our team has achieved, and we’re grateful for our investors’ support as we add value for
customers across new markets and industries.”
Sander van de Rijdt, PlanRadar co-Founder and co-CEO, added: “By growing PlanRadar into the world’s leading PropTech platform, we’re transforming an industry that has historically been reluctant to go digital.
“We’re showing that if you give customers an intuitive platform that makes their jobs easier, and combine it with gold-standard support services, then they are eager to embrace cutting-edge solutions. It really is as simple as that.”
In the 18 months since its $34m Series A round, PlanRadar has seen revenue increase by over 250% and has more than doubled its customer base.
Its innovative solution is now trusted by 14,500 customers and used daily by 100,000 industry professionals in over 60 countries to drive project efficiencies and ensure high quality completion.
A Build in Digital stakeholder, PlanRadar is a platform and device-independent, cloud-based solution that helps construction and real estate teams to increase quality, cut project costs and realise work faster.
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