A mapping startup has closed a £2 million funding round to transform the commercial real estate sector through technology.
Edozo says it is bringing to market an accessible, easy-to-use online solution, cutting the time for property professionals including valuers, agents and investors, to research and value commercial real estate.
Edozo, co-created by entrepreneur Marcus Ginn and surveyor Andrew Peacock, has been backed by existing investor Blackfinch Ventures as well as new funders such as Juno Capital.
The business says it will expand its digital mapping system to a multi-product platform combining property mapping and data products.
“The support that many existing investors and new backers are showing for Edozo’s growth plans underlines their belief in our vision and confidence that our products provide solutions that are essential to the sector,” said CEO Ginn.
“Our simple-to-use, flexibly priced technology products already help to provide huge efficiency gains to our customers and with our growth and investment in a multi-use platform the savings will only increase.”
In the past year Edozo has already added new features including CAD (computer-aided design) compatible functionality and updates to its comparable data product, helping the company to attract customers in new sectors of the property market.
Dr Reuben Wilcock, from Blackfinch Ventures, said: “We have been an investor in Edozo since 2019 and believe they are offering products and services that are hugely needed in the property sector to help it find efficiencies and grow.”
Edward Rudd, partner at Juno Capital, said: “Now is absolutely the right time to invest in Edozo. They are developing new tech solutions, which, with the right financial support can help to transform the commercial property industry.
“The PropTech sector is defying many negative patterns in business since the pandemic began and we believe Edozo has a strong growth plan.”