CIBC Innovation Banking provided £10 million ($12 million) in growth capital financing to LandTech, a London-based prop-tech firm enabling property developers and property professionals to identify and assess off-market development opportunities.
Landtech will use the funds to rapidly expand its suite of products that helps its clients navigate the complex sourcing, assessment and buying process in line with community needs. Funds will also be used to support the firm’s recent expansion to the U.S., including potential acquisitions.
“CIBC Innovation Banking’s investment will help us further innovate on behalf of our clients to optimise the end-to-end cycle of property development,” Darren Quigg, CFO at LandTech, said. “In the last year, we’ve continued to scale our business and grow our team. Now, with CIBC Innovation Banking’s support, we’ll look to continue to scale rapidly by further embedding ourselves as the leading player in our market, continuing to add mission-critical features that we can offer to all existing customers.”
“We are delighted to be supporting LandTech as the company continues to evolve and grow,” Sean Duffy, managing director of CIBC Innovation Banking’s UK office, said. “Its property planning and development platform led LandTech to become a leader in its industry. Our team is looking forward to supporting LandTech on this exciting journey.”
