German PropTech company syte has raised €9 million in a Series A funding round to grow its platform for land and property data analysis.
The round was led by amberra, the venture studio of Germany’s Cooperative Financial Group Volksbanken Raiffeisenbanken. NRW.BANK joined as a new investor, while existing backers including companies from the Schwarz Group, High-Tech Gründerfonds (HTGF), vent.io and Vantage Value also participated.
The new funding will help syte automate more of the planning work that happens before construction begins. It will also support the company’s expansion from Germany into other European markets.
In the long term, syte wants to digitally map the entire process involved in planning and preparing a property for construction.
“How land and existing properties have been assessed and evaluated so far costs the real estate and financial industry a great deal of time and money. Whoever digitizes these processes will help determine what gets built in Germany and Europe going forward, “said Matthias Zühlke, CEO of syte.
Founded in 2021, syte has built a platform that combines land and property data with AI-powered analytics. It helps property developers, banks and brokers find and assess new development opportunities.
The platform can show what can be built on a specific plot of land, identify planning and building rules, and help users understand whether a construction or renovation project could make financial sense.
syte focuses on the early planning stage of property development. This process can often take a lot of time because teams need to manually check building options, regulations and costs. The company aims to make these initial assessments faster so developers can identify suitable projects earlier and spot potential planning problems before investing significant time and money.
According to syte, its platform can reduce land and property assessment work from several weeks to just a few minutes. The platform is currently available across Germany and covers more than 62 million land parcels.
