- Industry: Real Estate
- Location: Bucharest, Romania
- Website: www.brightspaces.tech
Why we invested in Bright Spaces
The commercial real estate industry has been slow to adapt to the digital age. Traditional processes like showcasing, commercializing, and managing properties still rely heavily on manual tasks and in-person meetings. More than that, landlords spend vast budgets on marketing and sales, only to end up with long deal cycles and inefficient communication between brokers and potential clients.
The digitalization of the real estate industry is also felt on the client side, with over 85% of tenants wanting to digitally research and visit a space virtually, before going in-person.
This is where Bright Spaces comes in. Their market-leading digital platform not only allows landlords and agents to showcase their spaces but also to commercialize and customize real-estate assets worldwide. At the same time, it satisfies the customers’ needs to explore spaces virtually.
The Digital Twin Universe provides the possibility of virtual tours and real-time availability and analytics. The platform also integrates seamlessly with third-party software, providing a single point of truth for all property specs.
The custom 3D space planning accelerates leasing processes, cuts the test-fit processes in half, and is extremely easy to share. All these features lead to cost reductions between €15.000 and €150.000 and faster leases for landlords.
Bright Spaces operates in a booming market, expected to grow from $18.2 billion in 2022 to $86.5 billion by 2032. The visualization and 3D rendering software market alone is projected to reach $7.43 billion by 2028. With 41% of real estate professionals ranking “better user experience” as the greatest opportunity for digital twins, the market potential for Bright Spaces is immense.
The pandemic has been a catalyst for digital transformation across industries, and real estate is no exception. With over 85% of potential tenants preferring to research and virtually visit spaces online, the demand for digital solutions like Bright Spaces has never been higher.
This also matched with the breaking point where the static, long, and expensive processes in commercial estate became a real barrier for customers and, also, with the advance of the metaverse, AR, and VR.
The Bright Spaces team is a powerhouse of talent and experience. The CEO brings 15 years of entrepreneurial experience in tech, while the CTO has over 11 years in tech companies and more than 7 years as a CTO. The Head of Sales for Europe has managed accounts worth €5M per year in his previous role, adding significant sales expertise to the team.
We first met the team a long time ago, and we’ve been following them since, even before our investment. Being able to really build a relationship and watch them grow was a definite positive signal. We also watched them navigate the tough business environment from the past years, watching them push through proving resilience and good decision making under stressful circumstances.
The team has grown significantly since, and the other accomplishments sealed the deal – constantly growing ARR, successful fundraises, the competitions that they entered and won, the two products they fully developed, and the three verticals they are now operating in.