Early-stage investment firm Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies.
Startup Daily shares the details of each venture in the “Antler Investor Memos” series, which is designed to give you a quick, incisive insight into the startups and people involved, with many seeking follow-up capital beyond the initial pre-seed investment from Antler.
Date of incorporation: 2022
Stage of business: Pre-seeding
founders: Will Sullivan and Jonah Turnquist
Current investors: antlers
Currently increase: Yes
Property regulation in Australia is complex with tens of thousands of regulations in every state and territory, spanning residential, commercial and major infrastructure projects. Understanding each regulation, understanding how it relates to individual projects, and ensuring that every project undertaken is compliant can be a time-consuming and labor-intensive endeavor.
proptech startup, PropCode, provides automated, transparent and reliable regulatory analysis for real estate development. The all-in-one platform analyzes thousands of property regulations and geospatial datasets to save time and money for construction companies, real estate consultants and homeowners.
Released earlier this year, PropCode’s launch product serves real estate in New South Wales, removing the heavy lifting and expense of understanding each property’s Complying Development Certificate (CDC) potential. In turn, it provides instant, in-depth reports detailing relevant regulations and rules for each location. This is the first product to launch on the platform with a national rollout and a range of features being released.
Antler investment thesis
“Founded by urban planning consultant, Will Sullivan, and former Atlassian software engineer, Jonah Turnquist, PropCode combines a detailed regulatory understanding with automation and insight to solve a clear pain point,” said Cath Rogers, Partner at Antler Australia .
“PropCode’s launch product demonstrates the platform’s power to automate the analysis of thousands of regulations and complex datasets, delivering immediate benefits to users.”
Traction/milestones, so far
Within months of receiving the investment from Antler Australia, PropCode launched its product in New South Wales with plans to expand nationally over time. A fundamental user, The Sydney Architect Group, has said; “PropCode is a great innovative platform that directly tells potential designers, builders or homeowners what a site’s potential is when it comes to CDC applications. We use it regularly because it’s easy to use and our customers love it.”
In addition to user growth, PropCode has launched an integration with Stash Property, an online research platform with thousands of high-quality users from across the real estate industry.
Use of Funds
Antler Australia’s initial investment has supported PropCode to launch its product in market-generating property reports and grow its user base. The proptech startup has expanded its workforce, including adding a senior software engineer and operational support.
This initial traction laid the foundation for continued product development and market expansion and validated PropCode’s current fundraising efforts.
“Urban planning regulations exist almost everywhere, the opportunity is global,” says Will Sullivan.
“In Australia alone, the process of analyzing property regulation is very complex, consuming time, money and resources. We know how transformative PropCode can be.
“Once we develop our technology to accurately translate written rules into our analytics engine, we will aim to get new jurisdictions on board quickly. This becomes both our enabler and competitive edge – scalable technology that prioritizes accuracy, shaped by the unique unified perspective of our team of consulting and software backgrounds.
“As a planning consultant, I know firsthand how complex real estate regulations are and how important accurate information is. At PropCode, our unique AI-powered mission is to synthesize thousands of regulations and massive spatial datasets to deliver accurate insights to the user in seconds.
“We aim for the real estate industry to consider PropCode as an automatic inclusion in their workflow in the not-too-distant future, as it is both necessary and convenient. We expect some real estate companies and professionals to establish entirely new workflows and take advantage of new opportunities due to quick access to regulatory answers in PropCode. It is also our intention to work with governments to prepare an open standard for a future where regulations are published in the form of computer consumables.
“Antler’s initial investment, in addition to helping facilitate connections and investor introductions, has been invaluable. The community of fellow portfolio company founders, both locally and globally, has been incredibly helpful and we can’t imagine trying to start a business outside of such a community of peers.”
Antler, an early-stage global VC, unveils its latest investments in aspiring Australian founders and startups. With over 100 investments in early stage companies, PropCode is one of the most recent portfolio companies.