How LandTech plans to fix slow, inefficient development
A recent £42m fundraise for development platform LandTech marks the next step in building a comprehensive “ecosystem” of planning products for developers, the company’s co-founder has said.
Created by former town planner Jonny Britton and software engineer Andrew Moist in 2015, LandTech helps users identify and assess development opportunities – including off-market ones – by providing access to extensive datasets.
To date, those users have included Taylor Wimpey, CBRE, BNP Paribas, Cushman & Wakefield, JLL and Savills.
However, Britton told PlaceTech that quickly assessing a piece of land is just the first step: “We intend to do much more than that. We intend to build an ecosystem of products based on our platform.”
Britton wants that ecosystem to take projects from initial assessments to team building and collaboration around a piece of land, to raising funds.
LandTech’s recent Series A funding round was led by US-based investment firm Updata Partners, followed by Flashpoint Secondary Fund, with additional capital from existing investors JLL Spark and Pi Labs.
LandTech has three main products:
- LandInsight: with centralised planning, ownership and policy data, the product helps developers of all sizes find the right pieces of land – and avoid the wrong ones
- LandEnhance: designed for planners, LandEnhance provides information to make planning research easier and make the planning process smoother
- LandFund: LandFund was created to bridge the gap between developers and lenders, allowing users to create development appraisals quickly. Users can assess the profitability of their site, view residual land values, conduct sensitivity analysis, create instant cashflows and build reports
Those tools are already having a “big effect” on developers’ ability to save time and money by working quickly and more efficiently, Britton said, but the new capital will allow LandTech to expand those existing products.
For example, building on LandFund’s appraisals, the company is looking into matching developers with the right lenders or best possible terms.
He added: “You’ll see a lot of product development happening on those two product lines [LandEnhance and LandFund], and some of them are very, very significant.”
Alongside product development, LandTech is planning to launch internationally next year, first in Australia in Q2 and then in the US in Q4.
Jon Seeber, a general partner at Updata, said: “LandTech has delivered the kind of organic growth typical of much more heavily funded firms, but this motivated team, with a clear ambition to democratise property development, is positioned to continue growing globally without sacrificing its values and vision. Updata Partners is thrilled to help them solve this complex problem.”