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Q1 202422.02.2024

Proptech

Picture of Éanna Kelly

Éanna Kelly

at Sifted

Real estate is the largest asset class in the world — it’s also one of the most chaotic and least digitised. Architects, developers, surveyors, public authorities, estate agents and lawyers all have their way of doing things. But what they have in common is work that requires stacks of paper. Enter proptechs, which promise to cut red tape and intermediaries, while improving customer service. Their apps and platforms have given customers greater choice and a better way to compare offers.

Still, the industry’s known busier times: VCs disbursed $1.8bn among Europe’s proptech startups in 2022 but 2023’s activity was much quieter, with companies raising $478m. If investors seem cautious, it’s because real estate is undergoing a painful reset. The pandemic upended the use of property around the world: office vacancy rates remain well above pre-2020 levels in major cities while prices and rents are down since interest rates started to rise in 2022. The value of office space in major cities could fall a further 26% before 2030, according to McKinsey.

For the VCs that are still betting on proptech, where can we see them moving their chips? Twenty years ago, almost all property investment was flowing into retail and office space but now you wouldn’t call either a good bet for the future. According to Andrew Baum, emeritus professor at Oxford University and research partner at Pi Labs, appetite is keener for using property for beds (aka residential, which comprises around 75% of the $380tn global real estate market), sheds (logistics), eds and meds (educational and medical-orientated spaces respectively).

20 most promising early-stage startups

  • Tiko logo

    Sifted score

    8.63
    -

    Tiko

    Efficient and convenient home selling.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2017

    • HQ

      Madrid, Spain

    • Latest round

      Series A
      €59.1m / Jul 2021

    • Total funding

      €79.7m

    View company profile
  • Giraffe360 logo

    Sifted score

    8.32
    -

    Giraffe360

    Real estate content creation platform.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2016

    • HQ

      London, United Kingdom

    • Latest round

      Series A
      €16m / Oct 2023

    • Total funding

      €137m

    View company profile
  • Vivla logo

    Sifted score

    8.3
    -

    Vivla

    Shared ownership of vacation homes.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2022

    • HQ

      Madrid, Spain

    • Latest round

      Seed
      €2.7m / Aug 2023

    • Total funding

      €25m

    View company profile
  • Backbonephoto.co logo

    Sifted score

    8.02
    -

    Backbonephoto.co

    Brand development solutions for businesses.

    • Serial founder(s)
    • Hiring

    • Year founded

      2018

    • HQ

      Geneva, Switzerland

    • Latest round

      Seed
      €5m / Sep 2021

    • Total funding

      €27.5m

    View company profile
  • Urbyo logo

    Sifted score

    7.93
    -

    Urbyo

    Real estate platform for financing.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2021

    • HQ

      Berlin, Germany

    • Latest round

      Seed
      €4.5m / Oct 2021

    • Total funding

      €6.4m

    View company profile

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