Brigade REAP, Asia’s first proptech accelerator, on Sunday announced that four startups from its portfolio, including LiveSafe1, Aapka Painter, Renewate, and PropVR have raised an undisclosed amount of funding during the ongoing Coronavirus crisis. These companies impact diverse areas such as sustainability, home improvement, and last yard delivery.
Speaking about the positive development for the Real Estate ecosystem, Nirupa Shankar, Director, Brigade REAP, said, “This is a well-earned validation by proptech startups that are addressing some long-standing inefficiencies in traditional real estate. I see that more developers are looking at technology to establish and accelerate their growth in both commercial and residential real estate. While Covid-19 has given an added stimulus, I expect the adoption of proptech companies to only grow manifold.”
Since its inception in 2016, Brigade REAP has mentored over 30 startups, of which 40 percent have raised external capital from top investors. This includes startups like QwikSpec, Snaptrude, WEGoT, AKP, PParke, Renewate, Clairco, CREMatrix, PropsAMC, Exprs, Nanorama, and PropVR.
The startups have won the confidence of top investors such as Accel Partners, HDFC Capital, GoFrugal, Pidilite, Better Capital, Angel List, Brigade Enterprises, besides architects, developers, and angel investors such as Mohandas Pai.
Sunder Jagannathan, CEO at PropVR, added, “Our business has tripled in the number of customers and our revenue. Our clients have never been so open and eager in adopting digital solutions at such a rate."
PropVR has increased customer engagement and lead conversion using AI and VR. Renewate is a technology-enabled home renovation startup. LiveSafe1 uses electromagnetic radiation management for safer homes, and Aapka Painter is redefining the unorganised painting business using technology.
The accelerator said is accepting applications from startups for its eighth cohort. The accelerator is looking for startups working in the areas of nanotechnology, cleantech, visual computing, logistics, and supply chain, with a strong focus on solving challenges in real estate, hospitality, and retail.
The key criteria for applying for the programme is that the startups must have an established POC and must be able to demonstrate traction.
(Edited by Megha Reddy)
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