A proptech start-up, Archistar, which evaluates the viability and possible worth of development sites, has secured investments from former executives of Foxtel, CoreLogic and CBRE Australia. The seed funding round generated $1.5 million and the company will look for further Series A funding in December to expand its business. The start-up, created by Sydney-based architect Ben Coorey and sales and marketing consultant Rob Coorey, provides real estate agents and developers with instant data on the kinds of residential projects that can be developed on any site in Australia, based on local zoning and planning regulations.
The Coorey brothers developed a concept two years ago that now allows users to generate 3-D renderings of feasible building envelopes, estimate the costs and profitability, and receive a guide for the value of any site by clicking on its address on a map. Their start-up, which launched a beta version in July, has since grown to employ 25 staff members.
Instant feasibility
Archistar, a technology platform that provides instant feasibility of any development site in Australia, is already being used by major real estate agencies such as Ray White, CBRE, LJ Hooker, Century 21 and Raine & Horne. Users can subscribe to Archistar for a monthly fee starting at $300. Founder Ben Coorey said the company is also engaging with the majority of Australia’s tier-one developers, offering them instant feasibility reports on any site. Archistar is backed by former Foxtel CEO Peter Tonagh, ex-CoreLogic managing director Graham Mirabito, and former CBRE Australasia CEO Tom Southern. The startup has also signed distribution agreements with property portals Proptiger in India and Juwai in China. Archistar’s network partners include CoreLogic, Near Map and Cordell. While consumers can use Archistar for free to download basic property reports, more than 4,000 reports have already been downloaded according to Coorey.
