Flashpoint Secondary Fund participates in £42M series A of UK’s LandTech.
LandTech, the UK’s leading proptech platform for development site sourcing and assessing, today announced a £42M Series A round led by US-based investment firm, Updata Partners (“Updata”), followed by Flashpoint Secondary Fund with additional commits from existing investors JLL Spark and Pi Labs.
“We are very excited about our investment into LandTech. They are already the Bloomberg for real estate development and they have only just started”, commented Michael Szalontay, CFA, Managing Partner of Flashpoint Secondary Fund.
The capital raise will be leveraged to expand LandTech internationally and grow its product offering to help customers not only identify, but also profit from new development opportunities.
“LandTech has achieved incredible growth with minimal funding and we’re excited to help them accelerate their international expansion and product development,” said Jon Seeber, a General Partner at Updata.
LandTech is a multi-award winning proptech platform, co-founded by former town planner Jonny Britton and software engineer Andrew Moist in 2015. Its customers, which include Taylor Wimpey, CBRE, BNP Paribas, Cushman & Wakefield, JLL and Savills, can identify and evaluate off-market opportunities by having access to unique data, previously hard to compile and leverage.
LandTech’s flagship product, LandInsight, has centralised planning, ownership and policy data to open up the property market for the UK’s 10 largest housebuilders and thousands of SME property developers alike. Since its inception in 2016, LandTech’s core product offering has helped to build more than 50,000 homes in the UK.
“As property development transitions into a digital era, LandTech’s current and future offerings serve as critical infrastructure required to manage traditionally disparate data and collaboration across the industry,” said Jonny Britton, CEO and co-founder of LandTech. “Our goals are to streamline the process of unlocking the value of land with a unique ecosystem of data-driven tools that will fill a critical void in the growth of the property development industry globally.”
Having already expanded its product offering with LandEnhance and LandFund, simplifying planning approval and development funding respectively, LandTech’s ecosystem will bring transparency to the entire property development process from initial sourcing and assessing all the way through to appraisal and funding.
“It is a testament to our existing products that LandTech has been able to both open up the property market for new entrants and help household names scale, which is one of the most exciting elements of our market success,” said Britton. “Our vision is clear, LandTech is creating a complete end-to-end eco system covering every element of property development at a time of global need.”
The firm has consistently doubled its revenue each year for the past five years, and aims to continue this rapid growth pace. To support this, LandTech is currently embarking on a major recruitment drive, with an aim to double its current staff of 130 within the next year. In 2021 alone, LandTech has already hired 50 new team members.
“LandTech has delivered the kind of organic growth typical of much more heavily funded firms,” said Updata’s Seeber, “but this motivated team, with a clear ambition to democratise property development, is positioned to continue growing globally without sacrificing its values and vision. Updata Partners is thrilled to help them solve this complex problem.”