[Funding alert] Proptech startup BricSpaces raises $350K in pre-seed round from angel investors

Bengaluru-based proptech startup BricSpaces, which caters to end-to-end real estate streams with digital transactions, has raised $350,000 in a pre-seed round.

Incubated by Embassy-backed WeWorkLabs, the startup raised funding from marquee unicorn Co-founder of Freshworks, Shan Krishnasamy; serial tech investor Bharat Kapoor from 50k Ventures; and Eeva developer Vishal, with other angels.

Madhusudhan AV, Founder and CEO, BricSpaces, said,

“Real estate is highly fragmented and one of the most unorganised sectors in India. Post discovery of the property, there is a major challenge in distribution of real estate, which broadly caters to match-making the right product, legal clearances, contract reviews, negotiations, and payments.”

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“By digitising backend operations and by transforming day-to-day real estate management into seamless cloud-based platform, we have created a transaction management dashboard that allows from discovery to booking on a single platform. We aim to bring transparency and easy accessibility in the industry,” Madhusudhan added.

The startup is working with more than 1,000 channel partners to enable the transactions in metros.

Within the first year of operations, BricSpaces claims to have closed more than Rs 40 crore of transactions and has pipeline orders worth Rs 80 crore even during the pandemic. With a large market of agent brokerage of $3 billion in India annually, BricSpaces wants to be a market leader, targeting one-third of the market share in the coming years with aggressive scale using technology.

The startup is focused on millennials using the aggregator services in purchasing assets being quicker and transparent. 

With this funding, BricSpaces plans to scale up its team, which currently has over 20 employees in Bengaluru, Chennai, and Mumbai. The company said it plans to add about 30 employees across different metros and take the total team size to 60 people by the end of the year. The company is currently hiring product engineers.