Global proptech PlanRadar achieves over 50% growth in 2023 amongst a challenging landscape
Amidst economic uncertainties and industry-wide challenges, global proptech company PlanRadar have announced an impressive year-on-year global growth exceeding 50% in 2023. This achievement underscores the company’s commitment to driving innovation and strategic entrepreneurship within the construction, real estate, and facilities management sectors.
Since launching in 2013, PlanRadar has rapidly emerged as a key player in the global PropTech market. This growth spurt, following the company’s extensive geographic and operational expansion, was significantly supported by a $70m Series B funding round in 2022.
European Markets Display Remarkable Strength
PlanRadar’s expansion is a testament to the widespread demand for its innovative solutions, with Europe standing as a central market. Contrary to expectations of a downturn, PlanRadar’s revenue in Europe surged by 50%. The DACH region, Italy, and notably Great Britain experienced robust growth, with Spain witnessing an extraordinary 90% increase in its customer base, demonstrating resilience against regional economic uncertainties.
Leon Ward, Digital Construction Specialist for Australia + New Zealand, added, “PlanRadar’s performance in European markets sends a strong message to the Australian construction sector—innovation is not just a buzzword, but a vital catalyst for industry growth for 2024. Despite initial concerns of a downturn, the remarkable surge in revenue and customer base in key European markets showcases the resilience of innovative solutions. Australian firms can draw inspiration from our European success stories, particularly in markets like Spain where customer base saw an exceptional increase. Australian construction companies have the potential to significantly benefit from strategies such as data automation, digitally-connected hybrid site teams, leveraging BIM management systems, and streamlined compliance documentation.”
Rapid Growth in MENA and APAC Signals Market Potential
The MENA and APAC regions have become increasingly important to PlanRadar, aligning with steady growth forecasts. Establishing offices in Dubai, Singapore, and Sydney since 2022, PlanRadar has seen its client base in these areas double in 2023. This highlights the untapped potential and solidifies PlanRadar’s ambitious vision for the future.
Co-CEO Ibrahim Imam stated, “As we further entrench ourselves in these dynamic markets, our dedication remains unwavering. Construction’s pivotal role in the development of these economies is clear, and PlanRadar is eager to support their growth. We are particularly excited for 2024, as we plan to unveil new AI functionalities on our platform.”
Ward commented, “We believe that embracing technological advancements and strengthening collaborations within the industry will be key in ensuring that Australia continues to embrace innovation throughout 2024 and beyond. As PlanRadar expands its footprint across MENA and APAC, the implications for the Australian construction industry are significant. With a rapidly growing base of customers in Australia, we look forward to consistent, sustained growth on the ground for the Australia + New Zealand construction markets over the next 12 months. We’re seeing that more customers are valuing simplicity, ease of use and ease of integration with new digital tools – they want software that interconnects seamlessly within their own digital ecosystems, that allows them to deliver projects on time, on budget and to specification. And we believe this is where PlanRadar will continue to excel.”
The company’s positive trajectory is also reflected in its workforce growth, with more than 150 new team members joining in 2023.
Strategic Response to Global Instability
The construction sector, among others, has faced significant challenges due to global instability. PlanRadar has proactively partnered with its clients to navigate these turbulent times, fostering continued success.
Sander van de Rijdt, Group Co-CEO, elaborated, “Our business model at PlanRadar is centered around empowering our clients to future-proof their operations through technological advancements. This strategy has been crucial in helping our clients effectively manage the impacts of global economic fluctuations.”
Ward added, “Federal economic fluctuations and a rapidly evolving regulatory landscape have undeniably impacted the Australian construction sector, prompting a need for adaptive strategies. Particularly in New South Wales, where we are seeing stringent crackdowns and shifting regulatory and legislative standards for builders, the emphasis on leveraging technology for operational resilience becomes increasingly crucial for the construction sector’s continued success. We are seeing higher expectations of build project quality, a clear need for strong defect management practices, and stronger methods of ensuring build sites operate at the highest level of compliance across the board. Technology tools like PlanRadar are a key way to automate, streamline and meticulously document these evolving compliance practices.”
Innovations Tailored to Client Needs and Industry Evolution
PlanRadar’s commitment to addressing industry demands and enhancing client satisfaction has led to significant R&D advancements and new product features. In 2023, the company introduced a Document Management feature, facilitating centralized document control and enhanced traceability, streamlining processes from planning through to construction and operations.
Further feature improvements, such as the new Calendar view and enhanced Schedule functionality, were developed to simplify project management, reinforcing PlanRadar’s commitment to improving user experiences and encouraging full platform utilization.
Ward added, “We are seeing particular benefits for Australian customers with time savings on administrative tasks (thanks to our instant reporting feature), streamlined automation and data collection for inspections, and instant task allocation between site and office team members. On average, we are finding that PlanRadar’s customers save over 7 hours a week on admin time, that can then be used elsewhere on site.”
Despite facing global challenges, PlanRadar’s success in 2023 illustrates its capability to transform obstacles into opportunities for growth and innovation.
