GLASGOW, UK. 12th September, 2024 - Glasgow-based tech company PropEco, which provides an innovative technology platform that can assess the long-term value and viability of property, has secured seed funding of £275,000.
The capital injection will be used to accelerate PropEco’s mission to empower property professionals, lenders and insurers with advanced data and analytical tools to better manage the impacts of rapidly evolving social and environmental trends – including climate change – on properties. By expanding its team and accelerating product development, the company aims to establish a strong foundation for international expansion over the next 12 months.
Lead investor in the funding round is Symvan Capital, a London-based venture capital firm renowned for its support of early-stage, high-growth technology companies. The University of Strathclyde’s Inspire Entrepreneurs Fund also participated.
PropEco focuses on three main factors – transition climate change risks, physical climate change risks and impacts on wellbeing – to provide a comprehensive and holistic understanding of the long-term value and viability of properties and locations.
The company’s AI-powered platform constantly analyses data from thousands of sources, many of which are proprietary, to provide granular assessments of factors such as evolving flood risk, air quality and green retrofit potential. This powers multiple products and services including an API, a portfolio assessment service, browser-based risk assessment tools and property reports.
By providing unique insights in an accessible and cost-effective manner, PropEco delivers multiple benefits to clients including time and cost savings, better risk management, enhanced regulatory compliance and improved customer retention.
Founder and CEO Chris Hardman, a serial entrepreneur with a background in developing innovative cleantech products, said: “Symvan Capital and the University of Strathclyde’s decision to invest in PropEco underscores the growing importance of integrating environmental and social factors into financial and property decisions.
“With increasing awareness of the risks that trends such as climate change pose to the built environment, PropEco is well-positioned to capitalise on growing market demand and establish itself as a leader in the emerging field of climate-conscious property technology.”
He added: “Established methods of assessing risk in both commercial and residential property are not equipped to handle the complexities of rapidly changing environmental and social conditions. We’re talking about systemic issues that demand a data-driven approach, one that provides granular, property-level insights to inform smarter, more resilient decisions.”
Symvan Capital, established in 2013, focuses on companies offering business-to-business (B2B) software-as-a-service (SaaS) solutions to enterprises. Its investment strategy aligns with government-backed schemes like the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS), providing tax benefits to investors.
Investment Manager Allen Xu said: “We are excited to support PropEco in its mission to positively impact how the property sector approaches climate risk. At Symvan Capital, we recognise the importance of integrating advanced analytics into decision-making processes, with accelerating climate change creating clear examples of where this need is pressing.
“PropEco's innovative platform not only addresses a number of critical data challenges in a rapidly evolving market, it also helps shape a more resilient and sustainable future for the property market. This aligns with our commitment to back pioneering founders like Chris who are passionate about solving a current problem with his vision, knowledge and grit.”
Anne Henderson, Interim Head of Investment at the University of Strathclyde, said: “As a socially progressive, values-driven organisation, the University of Strathclyde is proud to support PropEco through our Strathclyde Inspire Entrepreneurs Fund, alongside our investment partner. Strathclyde is committed to supporting entrepreneurs and innovative companies who make a positive difference."
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