Digital construction documentation platform PlanRadar has won €30m (£26m) in Series A funding.
The funding round was led by New York-based software investors Insight Partners, along with contributions from e.ventures and existing investors Cavalry Ventures, Berliner Volksbank Ventures and aws Gründerfonds.
The Vienna-headquartered firm opened its first international offices in the UK and Croatia last year.
PlanRadar’s software allows developers to clearly communicate and document construction projects as they unfold, saving its customers across Europe more than seven hours in administrative time each week and a combined €500m in costs.
The investment will be put into the firm’s expansion into nine new markets globally and deepen its presence in markets where it’s already operating.
“As the world of construction and property management undergoes a fundamental shift toward a digital future, PlanRadar has become a trusted partner in the industry, enabling their customers to build better buildings and ensure infrastructure works are on time and on budget,” said Thomas Krane, principal at Insight Partners.
“Our investment underscores the confidence we have in PlanRadar’s category-leading technology, and we look forward to supporting them as they scale up and continue their global expansion,” Krane continued.
“Last year was fantastic for the PlanRadar team across borders, and with this new capital we are eager to take this success even further,” said Ibrahim Imam, co-founder and co-chief executive of PlanRadar.
“Our technology transcends language and age barriers on our construction and real estate sites — two of the biggest barriers — so the potential for adoption is huge,” Imam added.
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