Inspace, a Sydney-based SaaS startup that offers a virtual property visualisation platform, has raised $4 million in pre-Series A funding. The round was led by Our Innovation Fund (OIF) and saw participation from seed VC Investible, Aconex co-founder Leigh Jasper, and Artesian. Geoff Levy, a former Mirvac director and OIF Partner, will be joining Inspace’s board. The startup’s platform is already being used by over 90% of Australia’s top-tier commercial property landlords and agents, including Dexus, Mirvac, JLL, CBRE, Blackstone, Brookfield, ESR, and Lendlease. In the past 12 months, Inspace’s subscription base has grown by 13 times, enabling more than $1 billion in real estate deals in the past month alone. The company is now eyeing expansion into the US and UK to help property firms globally navigate Covid-related travel restrictions and complete sales and leasing deals digitally. According to founder and CEO Justin Liang, the company’s platform provides an actionable solution that offers key ROI, including more prospects, faster sales or leasing processes, more data and analytics, and a more engaging experience for all stakeholders
Customers drive global expansion push
According to Justin Liang, founder and CEO of Inspace, the startup has received significant interest from the US and is being driven global by their customers. The company aims to establish a strong presence in the US and UK markets within the next 12 months and host the portfolios of the largest real estate companies on its platform. Inspace has gained a reputation for helping its clients visualise, plan and co-create spaces with their customers. Charter Hall chief technology officer, Sheridan Ware, has expressed pride in the company’s work with Inspace. Our Innovation Fund (OIF) partner Laurence Schwartz has said that his VC firm’s deep software background and experience in proptech will support the startup’s international expansion plans. Inspace is based in the ACS Harbour City Labs at Barangaroo and aims to build a business that Australians can be proud of, leveraging the country’s excellent property and technology reputation globally.