Landeed raises $8.3 million in seed funding from Bayhouse Capital, Draper Associates & more
- The startup claims to help all parties involved in a property transaction to engage, communicate, and close deals.
- It collects all the data that is required by a land owner or buyer to ensure everything is in order with a particular property.
- The startup, which was founded in 2022, will use the funds to hire people, support the current team and build the tech infrastructure.
AdvertisementLandeed, a property tech startup said on Tuesday it has raised $8.3 million in seed capital. Investors like Draper Associates,
The startup, which was founded in 2022, aims to hit the ground running with the seed funds. It will use the funds to hire people, support the current team and build the tech infrastructure.
The property tech startup aims to build India’s most comprehensive property title search engine, and also simplify the process of property due diligence. It claims to help all parties involved in a transaction to engage, communicate and close deals.
Landeed says that it simplifies the multiple search methods across states into an intuitive and fluid experience. It collects all the data that is required by a land owner or buyer to ensure everything is in order with a particular property.
“Landeed weaves together multiple government departments across various states producing a ‘plaid-like’ property summary data. Through our application, an individual can verify a property transaction ledger going back 20 years in 2 seconds. To make this happen, we built a standardised interface simplifying the multiple search methods across states into an intuitive and fluid user experience,” said Sanjay Mandava, CEO and co-founder of Landeed.
Mandava said that their unique proposition has helped them witness impressive revenue growth. Last year, it raised 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 funding winter, early-stage startups have been able to raise funds. In 2022, funds that flowed into early-stage startups went up by 12%, said a report by PricewaterhouseCoopers (PwC). The report, named Startup Deals Tracker-CY22, said that funds to Indian startups overall fell by 33% to $23.6 billion in 2022 against $35.2 billion raised in 2021.
The reduction in funding activity, in general, has been an effect of pullback from venture capital (VC) investors, the report said, adding that they have become more cautious. Since a healthy amount of funds have been raised in the last few years, investors are sitting on dry powder to the tune of $590 billion, globally.
Dry powder is unallocated funds that a private equity (PE) or VC has, on hand. A large chunk of this dry powder were funds committed in 2022 and 2021. “The build-up of dry powder is due to a market pullback by VC funds that are picky about their investments. The focus is on companies that have strong unit economics and a path to
profitability,” the PwC report said.
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