Back in March Vienna-based PlanRadar snapped up a €30 million Series A to digitize construction and real estate projects. The Austrian startup -- a platform for documentation and communication in construction and real estate projects -- is continuing its funding roll with a $70 million fundraising 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.
To add context to that, this is a significant raise for an Austrian company, and PlanRadar claims it’s the third-largest Series B in Austrian history to date. I've previously detailed how Austria is one of the newer, emerging tech hubs in Europe in one of my European city surveys.
PlanRadar now plans new offices in the U.S., Australia, the Gulf Cooperation Council (GCC), Southeast Asia and Latin America. The company will also boost R&D investment and hopes to double its global headcount over the coming 12 months.
Since launching in Vienna, Austria, in 2013, PlanRadar says it has grown revenues by over 250% and more than doubled its customer base to 14,500 customers in over 60 countries. It has launched 10 new markets across Europe and Russia since 2020, with offices in Vienna, London, Amsterdam, Moscow, Paris, Madrid, Milan, Zagreb, Warsaw and Bucharest.
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.”
Thomas Krane, principal at Insight Partners, said: “The proptech sector is poised for enormous growth, and PlanRadar is bringing the global construction and real estate industry into the digital future.”
Competitors to PlanRadar include Bluebeam Revu, Autodesk Construction Cloud, Procore and IBM's TRIRIGA.