Oslo-Based Proptech Plaace Secures $961K for Nordic Expansion and Commercial Scaling
📷 Image Credit: Plaace
Plaace, a Norwegian proptech company, recently announced the completion of a US$961,000 (EU€885,000) Seed round led by RunwayFBU, marking a new phase in its development. The Oslo-based startup, known for its innovative approach to commercial property management, aims to use this funding for commercial scaling in the Nordic region. This investment round also includes contributions from existing investors OBOS and Blommenholm Industrier, alongside a €177,000 grant from Innovation Norway.
The capital infusion comes at a crucial time for Plaace, which experienced a notable increase in its business activities in 2023. According to CEO and co-founder Snorre Jordheim Myhre, speaking to EU Startup, this investment reflects confidence in the company's performance over the past year and its potential for future growth. Myhre emphasized that the new funding would strengthen Plaace's position in the market, particularly in its efforts to expand its customer base across the Nordic region.
Hanna Selvaag Wangsmo, Investment Manager at RunwayFBU, also spoke with EU Startup, highlighting Plaace's role in bringing digitization to a traditionally less technologically advanced sector. She pointed out that Plaace's approach of using data to improve decision-making processes aligns well with RunwayFBU's investment strategy. Wangsmo also noted the team's impressive execution capabilities and the potential for international expansion.
In 2023, Plaace's growth trajectory was marked by a threefold increase in revenue and a significant expansion in its customer base. The company successfully secured contracts with 50 paying customers, including major players like KLP Eiendom, Elkjøp, Norli, and Europris. This expansion reflects the growing demand for data-driven solutions in the retail industry, which is undergoing rapid changes.
Plaace's growth has also been reflected in its team expansion, particularly in its commercial division. The company has grown its team to include six individuals focused on sales, marketing, and customer success. This team expansion indicates Plaace's commitment to maintaining a strong market presence and delivering value to its customers.
Founded in 2020, Plaace has positioned itself at the forefront of a changing retail landscape. The company's unique approach leverages data to offer decision support, helping businesses in the commercial property sector navigate the complexities of the modern retail environment. As the industry continues to evolve, the importance of a data-driven approach becomes increasingly clear. Plaace's services are well-aligned with this trend, and the company anticipates a rise in interest and demand for its offerings.
Looking ahead to 2024, Plaace has set its sights on significantly increasing its activities. The company is currently engaging with selected players in the Nordic region, aiming to further cement its position in the market. With this latest round of funding, Plaace is well-equipped to continue its growth trajectory, offering innovative solutions to the challenges faced by the commercial property sector.
Plaace's recent funding round represents a crucial step in its journey. The investment not only provides the necessary capital for expansion but also serves as a testament to the confidence investors have in the company's business model and future prospects. As Plaace continues to evolve and expand its offerings, it stands as a key player in the evolving landscape of property technology.
