The company PlanRadar, which has been present in the Serbian market since recently, has collected EUR 30 million in investments in the A-series of financing through venture capital, which will be used to upgrade the software in digital transformation in construction and real estate sectors provided by this company.
This round of investments was headed by the company Insight Partners, one of the world's largest investors in software, headquartered in New York, together with e.ventures and the old investors Cavalry Ventures, Berliner Volksbank Ventures and aws Grunderfonds. This big achievement comes at the time when the productivity of the global construction industry, worth USD 10 billion, continues to slow down the growth of this sector, whereas the projections show that there's a possibility of creating added value of USD 1.6 billion if the sector is properly modernized.
Thanks to the PlanRadar app, users throughout Europe have already saved EUR 500 million and over seven hours of administrative time a week, and this investment also has the potential to lead to additional savings globally, as well as the possibility of scaling the already successful model to new markets. The investment will incite a strategic expansion to nine new markets, including the markets of Australia, Dubai, France, Italy, Netherlands, Poland, Sweden, Spain and Russia, but also strengthen the operations in the existing markets. The plan is for PlanRadar to attract 8,000 new users in the region and the world in 2020.
– PlanRadar has become a reliable partner in the transformation of the construction industry and the real estate management sector toward a digital future, ensuring a better quality of construction and finishing works on time and within the budget. Our investment emphasized the trust we have in the technology that PlanRadar offers and we are glad that we are providing support to their development and further global expansion – said Thomas Krane of Insight Partners.
– We have dedicated our work to digitization of the construction industry and the real estate management sector, which still rely too much on pen and paper. The construction industry and the real estate management sector have long resisted the modernization of communication in the field. That is why the investments of renowned investors are the real indicators of the value of the changes that PlanRadar brings – said Sander Van de Rijdt, a co-CEO and co-founder of PlanRadar.
Van de Rijdt adds:
– We are grateful for the trust and the substantial investments of Insight Partners, which will enable us to continue the mission of the transformation of the construction industry and the real estate management sector on a global level.
– Last year was very successful for PlanRadar, and our wish is to continue down the same road with this new investment. You can expect further technological innovations and growth, increased savings for the users and true progress in the way the construction industry and the real estate market perceive mobile technology. Our technology overcomes the two biggest barriers in construction sites and the real estate market – the language barrier and the age gap, so the potential for the implementation of mobile technology is huge – said Ibrahim Imam, a co-CEO and co-founder of Plan Radar. He added:
– Together with our partners Insight Partners, e.ventures and out current investors, we have found the optimal solutions to accelerate the growth and make PlanRadar a new global standard for communication and documentation in the construction industry and the real estate market.
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