Giraffe360 investors bet on camera-as-a-service expansion
The startup has raised a $4.5m funding round to further accelerate its 10x growth. Leading the round are LAUNCHub Ventures and Hoxton Ventures joined by another European VC firm, Hardware Club. Existing investor Change Ventures also participated.
Giraffe360 offers a subscription service for its unique robotic camera, which enables agents and brokers to skip the need for a professional photographer and generate high resolution photographs, accurate floor plans as well as premium virtual tour and publish real estate listings in 24 hours.
Property viewings have migrated from physical to virtual as stronger measures for social distancing have been introduced. For many businesses across Europe, Giraffe360 has been the solution for this transition.
“Our growth numbers speak for themselves. Subscriptions grew 800% in 2019 and will be even higher in 2020,” said Mikus Opelts, founder and CEO of Giraffe360.
“More than ever this year, our clients and prospective buyers and tenants have started to see virtual viewing as the default way to look at a property. Agents are selling and renting a property in this period with virtual viewings, all using Giraffe360’s product which lets the buyer or renter be inside the virtual home, alongside the agent’s representative,” said Opelts.
Todor Breshkov, partner at LAUNCHub Ventures, said: “As the lead investor we are excited to support Giraffe360 on their growth journey. We’re always keeping an eye on proptech trends and we’re impressed with the potential their product has to modernise the real estate industry, and make it easier than ever for real estate agents and brokers to publish high quality listings.”
The camera is sold as a service for £399 per month to real estate agents and brokers. Giraffe360 was founded in 2016 in Riga, Latvia by two brothers Mikus Opelts and Madars Opelts and is headquartered in London, UK. The company employs more than 70 people, servicing clients across 26 countries.
“Giraffe360 has global potential with customers in 26 countries, including industry leading brands such as RE/MAX, CBRE, and BNP Paribas Real Estate,” added Hussein Kanji, partner at Hoxton Ventures.
Jerry Yang, general partner at Hardware Club, added: “We’ve been tracking Giraffe360 since early 2019 when I met the team in Riga. Since then we frequently touched base with each other in London and Paris. The team has since shown impressive MRR growth and refinement in product and services. We’re excited also to join our good friends at LAUNCHub, Hoxton and Change Ventures in this round. We look forward to the journey together with Giraffe360.”
The camera technology uses a high-specification sensor, LIDAR laser technology and robotics, to deliver professional quality photography, high-accuracy floor plans and 3D virtual tours.