Funding Alert - Prop-Tech Startup BricSpaces Raises USD 350K in Pre-Seed Round from Angel Investors
|HQ Team of BricSpaces|
Bangalore based startup BricSpaces which was incubated as first prop-tech in country by Embassy backed WeWorkLabs, caters to end real estate streams with digital transactions which is first of its kind in prop-tech space having raised 350,000 $ in Pre-Seed round from marquee unicorn co-founder of Freshworks, Shan Krishnasamy, serial tech investor Bharat Kapoor from 50k ventures & Eeva developer Vishal with other angels.
Speaking to the new development, Madhusudhan AV, Founder, and CEO, BricSpaces stated, “Real estate is highly fragmented and one of the most unorganized sectors in INDIA, Post discovery of the property, there is a major challenge in distribution of real estate which broadly caters to match-making the right product, legal clearances, contract reviews, negotiations, and payments. By digitizing using technology backend operations and by transforming day-to-day real estate management into seamless cloud-based platform, We have created a transaction management dashboard allows from discovery to booking in a single platform. We aim to bring transparency and easy accessibility in the industry.”
Currently, listing platforms are only dominated by residential sectors and there is a big need for end-to-end aggregation in Real estate. With over 100 years of real estate experience in the core team, currently, startup has understood the pain points of transaction complications especially un-regulated real estate streams like land, Plotted development, and warehouses. The startup is working with more than 1000 channel partners to enable the transactions in metros. There is a big need for quicker closures in primary transactions and this is possible using technology and human intelligence. today’s primary sales market is dominated by channel partners and in-house sales team with builders will be mostly eliminated in the coming days thus increasing the profit margins for the builders.
Within the first year of operations, BricSpaces has closed more than 40 crores of transactions and has pipeline orders worth 80 crores even during the pandemic. With large market of agent brokerage of 3b$ in INDIA annually, BricSpaces wants to be market leaders targeting one-third of the market share in the coming years with aggressive scale using technology.
BricSpaces vision is to digitize real estate experience. The startup is focused on millennials using the aggregator services in purchasing assets being quicker and transparent. The pandemic has created a higher need for stability and security that comes with owning assets. BricSpaces plans to scale up its team, which currently has over 20 employees in Bangalore, Chennai, and Mumbai. The company said it plans to add about 30 employees across different metros and take the total team size to 60 people by the end of the year. The company is currently hiring product engineers.