News Article Europe investment proptech Romania start-up technology
by Property Forum | Report

Romanian proptech start-up Bright Spaces, which develops a complete digital platform for showcasing and offering for office buildings and spaces, has been selected to join proptech accelerator Pi Labs in the United Kingdom. Pi Labs is the first venture capital firm in Europe to invest exclusively in proptech start-ups and Europe's most active investor in the field. Bright Spaces was chosen, along with 4 other European start-ups, out of a total of over 600 registered teams. The Romanian startup will enter a 15-week intensive program, with the objective of developing the product and scaling the company to the size and needs of the European office market.

As part of the program, Bright Spaces prepares for the next investment round. The core of the program is focused on strategic mentoring, collaboration with the real estate community and the opportunity to develop a network with the wider community of property and proptech, Pi Labs alumni and investors. The program will run from March to June and at the end of this period, Bright Spaces will have the opportunity to present their products in front of an audience of investors, journalists and industry representatives.

"Acceptance in the Pi Labs accelerator means for us a leap of at least one year in the development of Bright Spaces. Access to a top real estate market worldwide, such as London, discussions with over 40 mentors and the possibility of obtaining the next round of funding from European investment funds specialised in proptech, clearly represents advantages. It was a tough competition, with a selection process carried out over several months, which involved a team effort and we are proud of the result. Although this public health crisis pushed the deployment of the accelerator in a 100% online environment, the benefits for us are, without a doubt, major” says Bogdan Nicoara, Founder & CEO Bright Spaces.

„We picked Bright Spaces for our Accelerator because we have seen an increase in demand for digitalising the leasing process for office spaces. We were impressed by their team’s commercial and technology experience and passion for the customer. We believe they are well-positioned to deliver this platform, which will ultimately make it easier for landlords to showcase their products virtually. In a post-COVID-19 world, we need more visualisation platforms that let tenants immerse themselves in properties remotely”, says Faisal Butt, CEO and Founder of Pi Labs.

In the context of the travel and socialization restrictions currently imposed, the program run by Pi Labs this year will be the first to be performed remotely.

Bright Spaces finalized in September 2019 the pre-seed round worth €185,000 euro for development and implementation, the funds coming from Sparking Capital, as lead investor, together with Growceanu Angel Investment and Ilinca Păun.

Bright Spaces is a proptech startup, developed in Romania, which offers a complete digital solution for showcasing and offering for office buildings and spaces. The solution is a unique information product, which addresses both developers of office building owners, real estate agencies and tenants, making them available for presentations of buildings and spaces available for rent, in a fully digital environment, facilitating the decision of viewing the spaces and requesting offers.