London, UK-based proptech startup aiming to turbocharge land-sourcing processes and help developers build more homes with its next-gen platform, Searchland, raised GBP 2.3 million (EUR 2.67 million) in seed funding. The round took place on November 25, 2022. Fuel Ventures led the financing for the firm. 

Purpose of financing for Searchland 

With the latest capital injection from seed funding, Searchland intends to integrate additional datasets.

Besides, it seeks to automate land-sourcing processes further so they can rapidly find, validate and acquire off-market sites for development. In addition, the company aims to enhance its product offerings by investing in product development.

What the founder of the company has to say

Mitchell Fasanya, the co-founder of Searchland, said, “Having tried to find a site of my own to build on, I discovered there was very considerable friction in the land-sourcing process. The property industry is rich in data, but it wasn’t being leveraged effectively, and developers were having to trawl through a myriad of clunky databases to track down the information they needed. While modern digital tools had emerged, they failed to eradicate the industry’s antiquated processes and were prohibitively expensive for the majority of developers.”

He further added, “In less than a year, we’ve built the most sophisticated platform for land sourcing, and we have a conversion rate of 70-80%. Ultimately we want to offload all of the admin-heavy tasks for developers so they can focus on what they do best – building homes. This funding round will allow us to accelerate product development and advance further ahead of the competition.”

What the investor has to say

Mark Pearson, founder and managing partner at Fuel Ventures, commented, “Searchland has created a very powerful and highly scalable product that is set to become the industry standard for land sourcing thanks to its customer-driven approach and pace of innovation. We were very impressed by the team and were keen to lead the current round with a significant ticket.”

About the company 

In 2020, Founders Archie Kennedy-Dyson, Arthur Goodhart, Hugh Gibbs and Mitchell Fasanya launched the company. The company’s software provides property developers with the ability to search by criteria, including land type, land ownership, past property sales, the average price per square foot, as well as planning application analysis. Places for People, Galliford Try and Aster Group are the clients of the company using its software.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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