A technology company that helps real estate firms to source new deal opportunities and off-market sites has secured £42m for international expansion in a funding round led by US private equity firm Updata Partners and Flashpoint.
LandTech’s funding round also included fresh backing from existing investors JLL Spark and Pi Labs.
The money will back ambitious expansion plans that will see the London-based company open offices in the US and Australia early next year and aim to double its current workforce of 130 people in the coming year.
LandTech was founded in 2015 by software engineer Andrew Moist (left) and former town planner Jonny Britton (right). Its customers include Taylor Wimpey, CBRE, BNP Paribas Real Estate, Cushman & Wakefield, JLL and Savills, which use its data to find off-market sites. Its LandInsight offering has centralised planning, ownership and policy data.
Britton describes the company’s goal as “to streamline the process of unlocking the value of land”.
The company has doubled its revenue each year for the past five years to £12m.
Jon Seeber, a general partner at Updata, said: “LandTech has achieved incredible growth with minimal funding and we are excited to help them accelerate their international expansion and product development.”
He added that the company has “delivered the kind of organic growth typical of much more heavily funded firms”.
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