Giraffe360 has a robotic camera, combined with a subscription service, which enables real estate agents and brokers to generate high-resolution photos of properties, floor plans and virtual tours. It has now raised $4.5 million in a funding round led by LAUNCHub Ventures and Hoxton Ventures. Also participating is HCVC (Hardware Club), alongside existing investor Change Ventures.
The startup is leaning into the opportunity of 2020 as property viewings have migrated from physical to virtual, in large part because of the pandemic.
Giraffe360 uses a high-specification sensor, lidar laser technology and robotics. The camera is sold to real estate agents and brokers as a service for £399 per month. It was founded in 2016 in Riga, Latvia by two brothers, Mikus Opelts and Madars Opelts, and is headquartered in London, U.K.
The competition is obviously the older model of hiring a professional photographer or the agent taking their own pictures. The 3D rendering or virtual tour also usually requires professional help.
In the U.S., a similar company, Matterport, has raised $114 million to date.
Mikus Opelts, founder and CEO of Giraffe360, said in a statement: “Our growth numbers speak for themselves. Subscriptions grew 800% in 2019 and will be even higher in 2020. More than ever this year, our clients and prospective buyers and tenants have started to see virtual viewing as the default way to look at a property.”
Todor Breshkov, partner at LAUNCHub Ventures, said: “We’re always keeping an eye on proptech trends and we’re impressed with the potential their product has to modernize the real estate industry.”
Hussein Kanji, partner at Hoxton Ventures, said: “Giraffe360 has global potential with customers in 26 countries, including industry-leading brands such as RE/MAX, CBRE, and BNP Paribas Real Estate.”