- The startup claims to help all parties involved in a real estate transaction enter, communicate and close deals.
- It collects all the data a landowner or buyer needs to make sure everything is okay with a particular property.
- The startup, founded in 2022, will use the money to hire people, support the current team and build the technical infrastructure.
Landeed, a real estate technology startup, said Tuesday it has raised $8.3 million in seed funding. Investors such as Draper Associates,
The startup, founded in 2022, wants to make a flying start with the start-up funds. It will use the money to hire people, support the current team and build the technical infrastructure.
The real estate technology startup aims to build India’s most comprehensive property title search engine and also simplify the process of real estate due diligence. It claims to help all parties involved in a transaction enter, communicate and close deals.
Landeed says it simplifies the multiple search methods across states into an intuitive and fluid experience. It collects all the data a landowner or buyer needs to make sure everything is okay with a particular property.
“Landeed interweaves multiple government departments in several states and produces a ‘plaid-like’ property summary data. Through our application, a person can verify a ledger of real estate transactions going back 20 years in 2 seconds. To make this happen, we built a standardized interface that simplifies the different search methods in different states into an intuitive and fluid user experience,” said Sanjay Mandava, CEO and co-founder of Landeed.
Mandava said their unique proposition has helped them witness impressive revenue growth. Last year, it collected a pre-seed round from Justin Hamilton (CEO, Clutterbot), Goodwater Capital, Olive Tree, Manmohan Chandolu, Chris Maurice (Yellow Card), Christian Kaczmarczyk (Third Prime VC), AVCF Fund and nine Y Combinator alumni.
VCs focus on early-stage startups
Even during the financing winter, start-ups have been able to raise funds at an early stage. In 2022, funds flowing to early stage startups increased by 12%, according to a report from PricewaterhouseCoopers (PwC). The report called Startup Deals Tracker-CY22, said funds for Indian startups overall are down 33% to $23.6 billion in 2022 from $35.2 billion raised in 2021.
The reduction in financing activity is generally a result of the withdrawal of venture capital (VC) investors, the report said, adding that they have become more cautious. As a fair amount of funds have been raised in recent years, investors worldwide are sitting on dry powder to the tune of $590 billion.
Dry powder is unallocated money that a private equity (PE) or VC has on hand. Much of this dry powder was funds committed in 2022 and 2021. “The dry powder buildup is due to a market pullback by venture capital funds that are choosy about their investments. The focus is on companies with a strong unit economy and a path to
profitability,” said the PwC report.
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