UK-based proptech company Supa has raised £21 million in seed funding to grow its AI-powered property management platform. The funding will help the company expand its operations and improve how residential properties are managed across the UK.
The equity funding round was co-led by 2150 and OpenOcean. KOMPAS VC, Actia Capital Partners and HEARTFELT also joined the round. In addition, Supa secured a debt facility from a major UK lender.
Supa is building an AI-powered platform for managing residential buildings and properties. The company combines the acquisition of established local property management businesses with technology that can automate daily tasks and improve services for residents.
The UK property management industry is facing several challenges. Service charges are increasing, administrative work is growing and residents expect better services. However, many property management companies still rely on outdated systems and have been slow to adopt new technology.
Smaller property management companies are facing even greater pressure. Many of these businesses operate with fewer than ten employees and often struggle to manage daily operations, handle resident requests and keep up with growing administrative responsibilities.
Supa plans to solve these problems by acquiring local property management companies and bringing them onto its technology platform. The company will allow these businesses to keep their existing names and identities while using its AI tools to improve their operations.
Its AI technology can automate several important tasks, including scheduling repairs, checking service charge records, managing safety compliance documents and coordinating contractors. According to Supa, its platform can reduce the time property managers spend on administrative work by up to 90%.
This will allow property managers to spend more time looking after buildings, handling maintenance issues and communicating with residents. Supa co-founder and CEO Calum Brannan said residents are paying higher service charges but are not always seeing better services. He also highlighted that growing property portfolios and outdated systems continue to create problems with communication and response times.
“We’re doing the opposite. We keep the local firms, take the admin off their desks, and put managers back inside buildings instead of behind a phone queue. Everyone should know what their service charge pays for, and get an answer when they call, “said Brannan.
Supa plans to grow by acquiring more property management companies while improving its AI platform to make daily operations easier and provide better services to residents.
