As demand for real estate VR booms, Founders Fund leads $16M round into Giraffe360 platform
as VR demand booms
The property industry requires high-quality photographs, floor plans, and virtual tours. This is why the software industry is booming. This trend has continued to grow after the pandemic, when many property viewings moved from physical to virtual.
Back in 2020, another player, Giraffe360 raised $4.5 million in a funding round led by LAUNCHub Ventures and Hoxton Ventures.
It features a robotic camera and a subscription service that allows real estate agents and brokers generate high-resolution photos, floor plans, and virtual tours of properties. The subscription grants the owner access to the camera and AI-based image processing software, as well as cloud storage and other services.
When estate agents use Giraffe360, this essentially removes photographers from the process.
It’s now raised $16 million in new funds led by Founders Fund, the San Francisco-based VC, whose portfolio boasts names such as Airbnb, Spotify and SpaceX.
Other investors LAUNCHub Ventures and Hoxton Ventures participated as well as Change Ventures and HCVC (Hardware Club).
To date, the company has raised $22m in equity and $9m in venture debt. It was founded in 2016 in Riga, Latvia by two brothers, Mikus Opelts and Madars Opelts, and is headquartered in London, U.K.
The startup also launched the latest, more powerful version of its camera, the Giraffe Go Cam. This is 30% lighter, which charge faster and comes with 500 GB of on-board storage. The camera employs a high-specification sensor and LIDAR laser, as well as robotics.
Delian Asparouhov, principal of
Founders Fund, stated in a statement that Giraffe360 was a no-brainer and is well-suited to meet the needs of the market from both the hardware and software fronts. Giraffe360 was a no-brainer, and is really well suited to meet the needs of the market from both the hardware and software front.”
In conjunction with the latest equity raise, Giraffe360 secured additional $6m in long-term loans from the London-based venture debt provider Columbia Lake Partners.
Giraffe360 CEO, Mikus Opelts, commented: “We are very excited to partner up with Founders Fund. It is a strong brand in the VC industry with a strong track record of backing category-defining businesses. As the world moves to an online approach to properties , the new Giraffe Go Camera and funding will assist in the transition towards more immersive experiences.
I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.