Bengaluru-based proptech startup Landeed has raised $8.3 million in a funding round led by Draper Associates, Y Combinator, and Bayhouse Capital. The funding will be used to build a comprehensive property title search engine, hire personnel, and strengthen technological infrastructure.
Founded in 2022, Landeed is trying to simplify property due diligence for all parties involved in real estate transactions. Over 100,000 property owners and agents in India have already used Landeed to buy, sell, and build real estate, according to the startup.
Landeed's mobile app allows owners, agents, developers, and legal advisors to check real estate records for building, lending, and transacting properties. The company also plans to launch a desktop property diligence and transaction platform to assist enterprises with multiple stakeholders.
The company also plans to invest in building for the maximum number of users to reach product-market fit and hire ten more software developers to help it become an IaaS (Infrastructure-as-a-Service) provider for all real estate transactions.
The funding comes five months after the proptech startup raised $2.5 million in its Pre-Seed funding round from Y Combinator and others.