Kodehyve, a Luxembourg City-based real estate digital transformation portal, has raised €2.6 million of private equity funds.
This is the second time Kodehyve has swept up funds this year, coming on the heels of last year's € 1 million ($979,710) seed round. The cash intake will help tighten up Kodehyve’s core product, which fits the bill for coordinating property developers and how they build workflows, as well as making key data easier to access.
Kodehyve’s idea came about as a pitch to get tools for property builders to connect with architects, engineers and public planners, alongside various other stakeholders all in the same platform and from a "seamless" user interface.
This all happened in the limits of COVID-19 and Kodehyve thinks it has spotted a market opening for a system that offers a helping hand right from the moment development gets going, covering a host of compliance and business intelligence activities.
Hot on the back of 6x growth, though Kodehyve says the multiplier has been given for the number of clients, rather than raw turnover - the startup's scale-up plans will take on compliance to tear down more friction from KYC and AML checks.
Financial risks were prevalent throughout the pandemic, and with far fewer manned property developers due to stay-at-home orders, consultancy firms tipped AI, ML, IT, and outsourcing as top runners to help developers stay within compliance laws.
Being in Luxembourg means Kodehyve is currently focused on the wider BeNeLux for now (that's Belgium, the Netherlands, and Luxembourg,) though it's also got its eye on supersized growth in multiple European markets, starting with the UK, Portugal, and Switzerland. The board is getting bigger too, growing from 2 to 5 board observers, including Lempicki, Schonckert, and Li.
Existing and new investors stumped up money for this latest round, not least Laurent Schonckert (CEO at Cactus), John Li (KPMG), and Michel Lempicki, also most of the investors from Kodehyve’s initial seed raise - backed by Schonckert and Li, Veyder, van de Kerkhove, Schaus, Beernaerts, Godart and Sunnen.
Felix Hemmerling, CEO at Kodehyve, said: “To maintain our current momentum, we will ramp up our product development efforts to further develop and automate advanced property development processes.
“Our current focus lies on compliance aspects, namely through automated KYC and AML processes, as well as business intelligence modules that leverage data to support property developers’ informed decision-making.
“Simultaneously, our team at Kodehyve is working on scaling our infrastructure and stand-alone services. We are striving to automate as many of the many property development processes as possible to help unlock time and efficiency and quality gains.”