syte, a Münster-based PropTech startup providing a platform for land and real estate analytics, has closed a €9 million Series A round to drive its European expansion.
The round was led by amberra, the venture studio of the Cooperative Financial Group Volksbanken Raiffeisenbanken, with NRW.BANK joining as a new investor. The round also saw participation from existing backers, including companies linked to the Schwarz Group, HTGF | High-Tech Gründerfonds, vent.io, and Vantage Value.
Matthias Zühlke, co-founder and CEO of syte, said, “How land and existing properties have been assessed and evaluated so far costs the real estate and financial industry a great deal of time and money. Whoever digitises these processes will help determine what gets built in Germany and Europe going forward.”
Björn Schmuck, CEO of amberra, said, “syte makes the potential of land and buildings visible early on, with the help of AI, and enables banks to advise faster and on a data-driven basis. The fact that several cooperative banks are already using the platform in real estate sales and client advisory shows its concrete value. We’re excited to support syte on its growth path and to expand our collaboration with the cooperative financial group in a structured way.”
syte plans to use the new capital to expand its technology beyond Germany and into other European markets. The company also plans to expand automation into what it describes as the earliest stages of a development project, from gauging building potential, to checking zoning and construction law, to running the numbers on whether a project makes financial sense. The company says it wants to digitally map the entire process that precedes actual construction.
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