Romanian proptech startup Bright Spaces raises €1.5M

Bright Spaces’ solution allows future tenants to visualize and interact digitally with an office space in 3D, discover its main tech specs, surroundings, main points of interest as well as to request an offer or book a live tour.

On the other hand, landlords benefit from an integrated, easy-to-use Admin Panel that provides data on closed deals, vacancy, potential customers and their specific requirements (desired parking spaces, storage etc.) and can generate a personalized HOT directly from the platform. 

”We are witnessing an accelerated digitization of the commercial real estate industry and an increased interest for tech solutions that facilitate digital leasing and visualization of spaces. The solutions we are building will transform the way landlords do business from now on and we are grateful to all our partners, clients, and mentors who trust us and help us grow.” - Bogdan Nicoara, Cofounder & CEO Bright Spaces.

This funding will support the growth of the company, the development of new tech features and its expansion to new markets in CEE and Western Europe. 

“Bright Spaces brilliantly integrates existing workflow of RE players to accelerate commercialization and optimize management of tenants without disrupting the organization. The platform also helps asset managers get more control on their data to easily value them later, which answers a real market need. This awareness of industry practice has already paid with powerful players adopting the solution both in eastern and western Europe.” - Mathias Flattin, Partner and Fund Manager of Axeleo Proptech I

The company is also a Pi Labs Accelerator Alumnus, having been selected to join the renowned proptech program in 2020, together with other 4 companies, out of over 600 applications.

Faisal Butt, Founder and CEO of Pi Labs, commented: “Prior to the pandemic, we were already looking into visualisation platforms off the back of our research findings that these will emerge as essential tools both in the short and long term, as tenant and buyer behaviour shifts to carry out part of the viewing and pre-leasing process virtually when searching for suitable space. This is why we backed Bright Spaces, from “day zero” of their startup life cycle, prior to the pandemic, identifying that their 3D interactive visualisation platform has potential to become a leading global solution that transforms office leasing. We were impressed with the founders, Bogdan and Andrei, when they went through our accelerator program last year, and look forward to being a part of their journey as they reshape how developers, landlords, agents and tenants showcase and lease their properties in the post-Covid world.”

Since its launch in 2019, Bright Spaces has raised a pre-seed round from local investors and has launched several tailored digital leasing platforms that streamline leasing processes for their clients in Romania and the UK. Some of the startup’s first clients are: Skanska, One United Properties, Impact Hub, Moorland Property Solutions.

As a consequence of the company’s sustainable growth, after their initial investment, Sparking Capital and Growceanu decided to do a follow-on and join the new round for Bright Spaces.

“The progress achieved by Bright Spaces is remarkable and we are happy to contribute again to the development of the company, after the first funding round, led by Sparking back in 2019. This transaction is a sign of maturity not only for Sparking Capital portfolio, but for the entire Romanian ecosystem.”  - Cristian Negrutiu, Founding Partner at Sparking Capital.

“This highly experienced and driven team addressed a real-world problem and validated it in a large market, right from the start. We’re delighted with their execution and eager to support them further.” - Ciprian Man, co-founder, Growceanu Angel Investment.

Among the angels who decided to invest, while offering mentorship and industry knowledge as well, there are: Alexandru Boghiu (Mavers Wealth Management), Marian Dinu (DLA Piper Dinu), Barrie Heptonstall (a former IBM executive and angel with 60 investments), Elena Vladescu (Financial Advisor).