Proptech startup Landeed has raised $2.5 million (INR 19.5 Cr) in its pre-seed funding round from various investors.
Many angel investors including Justin Hamilton (CEO of Clutterbot), Kunal Shah (Founder of CRED), Manmohan Chandolu, Chris Maurice (CEO of Yellow Card Financials), Goodwater Capital, Olive Tree, Christian Kaczmarczyk of Third Prime VC and AVCF Fund, among others also invested in this round.
The startup plans to use the funds to accelerate product development and create a comprehensive and standardized asset documentation recovery system.
Bengaluru-based Landeed was founded in 2022 by ZJ Lin, Sanjay Mandava and Jonathan Richards, It helps owners, agents, developers and legal advisors to check real estate records for building, lending and property transactions.
Its mobile application helps owners, agents, developers and legal advisors to check real estate records for construction, lending and transaction properties.
In addition to its mobile app, the platform is also launching a desktop asset due diligence and transaction platform to assist enterprises with multiple stakeholders.
“We believe there [is] a lot larger segments to tap in India beyond title insurance and in the coming months, we are planning to enable property title embedment on the blockchain,” said, Landeed founders ZJ Lin, Sanjay Mandava, and Jonathan Richards in a joint statement.
The proptech platform claims that over 100K property owners and agents have already used LendEd to buy, sell and build real estate.
“They’re (Landeed team) going to become a critical piece to ensuring smooth real estate transactions in India and over time more emerging markets. On top of that, their ability to leverage web3 technology will only make the solution more permanent and transparent,” said Kaczmarczyk, principal at Third Prime VC.
Part of Y Combinator S2022. Land in India is precious but is also prone to encroachment and disputes. Two thirds of Indian court cases are land related. Landeed’s mission is to make land ownership secure and easy.
Their first product performs a fundamental task to any property ownership – automatic document pull and title check. The Landeed app received overwhelming traction (50,000 users in the first month) and good reviews (4.7 stars on the Indian app store) since launch.
They are now actively growing our engineering and product teams to bring the next generation technology solution to millions of land owners in India.