LONDON--(BUSINESS WIRE)--CIBC Innovation Banking announced today that it has provided £10m in growth capital financing to LandTech, a London-based proptech firm enabling property developers and property professionals to identify and assess off-market development opportunities.
Landtech will use the funds to rapidly expand its suite of products that helps its clients navigate the complex sourcing, assessment and buying process in line with community needs. Funds will also be used to support the firm’s recent expansion to the US, including potential acquisitions.
Launched in 2014, LandTech is a property development software, designed to bridge the shortages of housing and building communities. The company’s platform speeds up the process of finding, assessing and buying new land, enabling clients to build properties at a reduced cost.
“CIBC Innovation Banking’s investment will help us further innovate on behalf of our clients to optimise the end-to-end cycle of property development,” said Darren Quigg CFO, LandTech. “In the last year, we’ve continued to scale our business and grow our team. Now, with CIBC Innovation Banking’s support, we’ll look to continue to scale rapidly by further embedding ourselves as the leading player in our market, continuing to add mission-critical features that we can offer to all existing customers.”
LandTech’s first product launched, LandInsight, is used by the UK’s top 10 housebuilders and more than 2,000 property industry clients ranging from architects, planners, government, commercial, power and residential developers.
“We are delighted to be supporting LandTech as the company continues to evolve and grow,” said Sean Duffy, managing director of CIBC Innovation Banking’s UK office. “Its property planning and development platform led LandTech to become a leader in its industry. Our team is looking forward to supporting LandTech on this exciting journey.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.
About LandTech
LandTech allows property developers to find and assess off-market opportunities faster with an award-winning platform. Less time spent on legwork means more time to close deals. With a significant market presence LandTech is one of the UK’s leading prop tech businesses.