Investible is pleased to announce our follow-on investment into virtual inspection software company, Inspace, as part of its recently closed AU$6 Million funding round. Our participation in this round is via members of the Club Investible syndicate.
The round, which closed in April 2023, was co-led by B Capital, spearheaded by Facebook Co-founder Eduardo Saverin, and OIF Ventures. Investible originally backed Inspace and founder Justin Liang in its 2018 Pre-Seed round through our Early Stage Fund 1.
Inspace's 3D platform equips real estate professionals with the tools to virtually showcase properties to potential tenants, efficiently manage property portfolios, and engage with investors through immersive online experiences.
Just three years since launch, Inspace has already been deployed for over $130 billion in real estate across 11 countries worldwide, counting the world’s top commercial real estate companies as customers including M&G, CBRE, Dexus, Lendlease, JLL and PGIM.
The virtual property inspection platform is already used by over 90 per cent of Australia’s top commercial property landlords.
“Justin and the Inspace team have shown how a customer-focused approach can unlock an impressive growth trajectory, despite a tricky macro environment. Club Investible members present for our boardroom pitch event were excited to put their backing into the ambitious company,” said Investible’s Head of Investor Relations Tim Coates.
Club Investible member and investor James Brooks noted “Inspace has established itself as the market leader in Australia for providing technology solutions that assist tier 1 landlords to sell, lease and manage their property assets.”
“There is a significant opportunity for Inspace to further accelerate its revenue growth by growing contract values through additional products and buildings within its customer's portfolios. I’m particularly excited about Inspace’s momentum outside Australia, the global market for their solutions is huge,” he added.
Inspace’s subscription revenue has grown 398% (4x) in the 18 months since its previous capital raise. The recent funding will be used to accelerate Inspace’s R&D, including predictive insights, AI-generated documentation, and new tools for real estate fund managers to retain and raise capital. This comes at a time where $2.3 trillion of US commercial real estate debt comes due for repayment before the end of 2025.
"Inspace enhances communication between any group of people discussing commercial real estate -whether it’s in a boardroom, at a Starbucks or across the world. With instant remote access to buildings, we not only reduce costs and promote a greener world - but enable landlords and agents to present at scale, capture insights, and accelerate deal completion," said Inspace Founder & CEO Justin Liang.
The Investible group of companies includes various entities who are corporate authorised representatives (CAR) of Boutique Capital Pty Ltd (BCPL) AFSL 508011. The full list of entities are detailed here.
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