Property tech domain innovative solution gets EUR 185,000 funding

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Bright Spaces, a property tech domain innovative solution which was developed by a Romanian start-up, received funding of 185,000 Euros for development and implementation. The financing was coordinated by Sparking Capital as Lead Investor, with Growceanu Angel Investment and Ilinca Păun.

Bright Spaces is a digital platform for leasing and managing commercial spaces which is expected to be launched next year in spring. This is going to bring real benefits to the leasing departments of the buildings with rental spaces, by optimizing the flows and generating new leads, as well as to the companies that rent the spaces, through an easy-to-use interface, where rental history and process flows can be seen: listing, bidding, contracting, payment, management, business intelligence.

Sparking Capital is the company which coordinated the financing process, being a venture capital fund consisting of private sources. The fund makes pre-seed and seed investments in innovative companies in the property tech, marketplace, marketing tech, digital transformation and sustainability segments.

Cristian Negruțiu, Sparking Capital partner: “The investment in Bright Spaces confirms our strategic interest in the vertical property-tech market. We are excited to announce a new investment in an ambitious team that has the potential to create an innovative product. Along with the financial investment, Sparking Capital contributes effectively through expertise, mentoring and networking to the multidimensional development and international scaling of the companies in which it is involved. We also enjoy the association with other investors in Romania and we consider that the Romanian entrepreneurial ecosystem is on a good path”.

Along with Sparking Capital, the investment in the Bright Spaces platform is also supported by Growceanu Angel Investment and Ilinca Păun, Business Angel. Growceanu brings together a group of business angel investors, activating in Timișoara and western Romania, with a focus on high-tech startups. Growceanu investors contribute with their expertise, network and personal money to the development of high growth potential.startups.

 Ilinca Păun is an 18 years old exprience investor in real estate. Currently, Ilinca Păun is  Founder and CEO of the Entrepreneurship Academy, a Business Faculty in partnership with Team Academy Netherlands and an Impact Hub investor.

Adrian Erimescu, Lead Investor from Growceanu:  “The geographical and expert dispersion of investors represents an advantage for this very ambitious project, as we have succeeded in bringing people from complementary fields, such as real estate, online, business-to-business sales, marketing, fintech, artificial intelligence and software development, both from Bucharest and Timisoara but also from Cluj. We view the association with Sparking and Proptech Romania as a beautiful achievement of the investors’ community in Romania”.

Ilinca Păun – Business Angel: “When I stepped down as executive in Real Estate, one and a half year ago, I told myself that I would only return as an investor in companies that bring a major innovation in renting and operating spaces. After investing in a co-working business, I am now joining as a business angel a group of experienced Real Estate Investors in order to offer assistance by providing all our resources to two highly motivated and capable entrepreneurs who are going to offer space owners with many tenants, a smart management solution. In the area of Real Estate, digitization is in its earliest stages and the market has a huge potential, the penetration rate of technology in real estate management services being extremely low. I am really happy about this investment, especially from the perspective of an innovative domain that needs much freshness but also from the perspective of my goal to support and develop young entrepreneurship in Romania”.

 

“Bright Spaces is the materialization of our team’s know-how in the area of ​​Digital Product Development, after more than 10 years experience in projects of similar complexity. We are fortunate to have investors and mentors from Real Estate, but also investors with impressive business experience, some with more successful exits. We now have the right ingredients to build and then scale Bright Spaces towards global success in PropTech. ” said Bright Spaces founders – Bogdan Nicoara and Andrei Constantin.

 

The Proptech Bright Spaces solution was firstly brought forward at the Real Estate Hackathon event, the first real estate hackathon in Europe, organized by Proptech Romania in Bucharest, this year in spring.

 

Ciprian Pasca, Co-founder of Proptech Romania: “In just 6 months after winning the first place at the Real Estate Hackathon and 3 months after winning the Proptech Demo Day investment event, Bright Spaces has become the first successful proptech startup, with the assistance of Proptech Romania, to attract a pre-seed investment in order to develop the winning solution and help digitize the local real estate industry. ”

Proptech is a term used to describe any kind of digital transformation solution which is related to one or more life cycles of a real estate project: architecture, construction, development, management, sale, purchase and use of any real estate segments such as commercial, industrial or office. Internationally, AirBnb and WeWork are considered to be proptech solutions.

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