Pi Labs alumnus Propster enters UK market

Austrian startup Propster, part of Pi Labs’ 2020 accelerator programme, has entered the UK market after raising €3m in seed funding.

Propster seeks to transform the residential and commercial property buying process with a platform that combines communications, document sharing, a 3D configurator and digital specification tools for fixtures and furnishings.

The startup raised its seed funding from aws Gründerfonds in Austria, Axeleo Capital in France and Pi Labs and Realty Corporation in the UK.

Focused on customer experience, Propster’s cloud-based software removes the need for 75% of face-to-face interactions, the startup said, shifting decision-making to the digital platform.

Milan Zahradnik, founder and CEO of Propster, said: “Our platform puts customers first and gives them control and confidence in what has previously been a fragmented process – from off-plan sale through configuration and specification of fixtures and furnishings, and finally in snagging and handover.”

For developers, the software should “significantly reduce friction and delay” throughout the project.

Using machine learning through demographic data, project specifications and customer information, Propster can help developers determine the optimal configuration and customisation of fixtures and furnishings early on in the process.

Zahradnik added: “We’re immensely proud of our growth story to date, and securing this calibre of seed investors is a vote of confidence in how our platform can continue to truly transform the real estate buying process.

“The UK is a core market for our continued growth pipeline, and an important springboard to position Propster as a global real estate platform, so we look forward to announcing our first UK pilot project within weeks.”

Faisal Butt, CEO of Pi Labs, said: “We see our investment in Propster as the first of many investments we plan to make in the DACH region. Propster was also the first entry into our accelerator programme of a growth stage business that has had significant commercial traction already.

“However, it is the combination of the Pi Labs investment, connectivity and ecosystem which has elevated them to the next level. The accelerator provides access to the highest quality of mentors for our portfolio companies, helping to build resilient and well-rounded businesses that are well-positioned to grow their offerings globally.”

Propster has 90 residential and commercial development clients across Germany, Austria, Switzerland and Slovenia.