Norwegian prop tech startup Speiz has raised €1.3 million in seed funds led by F-LOG Ventures, a VC specialised in logistics and "logtech" investments.
The funding, also backed by Iron Wolf Capital and Lithuanian VC Angel Fund, is expected to help grow the market for Speiz's SaaS marketplace, which connects retailers and logistics companies to property managers of warehouses on the commercial leasing market.
Speiz CEO Paulius Kvedaras was inspired by a situation faced by his family's farm in Lithuania.
He says the farm would at times struggle to clear its supply chain as warehouse facilities swung wildly between being "underutilised" or "expensive", presumably as seasonal conditions would dictate demand for storing farm produce.
Speiz joined Norwegian VC Antler's accelerator programme in 2020. The software is entering the market at a time when provided figures show warehouse vacancy rates at around 3%, putting greater upward pressure on prices.
The Speiz platform lets the customer see the full interior surroundings of each warehouse property in a 3D virtual preview, as well as offering an all-digital UX for signing new lease agreements, meaning the customer doesn't need to visit the warehouse in person.
Having secured more than 1 million directory listings already, and more than 400 registered potential tenants, the startup is now aiming to "expand its reach across Europe".
Kvedaras said the situation on the property brokerage market had sharply deteriorated and was in "great need of overhaul", arguing analogue tech and inefficient processes had driven up brokerage fees.
"Analogue technology, expensive fees and inefficient rental processes have defined this industry, resulting in lack of transparency and shirking margins," Kvedaras said.
"In order for last-mile delivery, micro-mobility and similar industries to grow, warehouse spaces for businesses are a priority. Speiz understands this necessity, and offers a unique proposition to support their growth across Europe.”
F-LOG Ventures is a subsidiary of FIEGE Logistik, a contract logistics supplier in Germany's North Rhine-Westphalia whose operations also include logistics real estate.