Archistar has now raised $40 million since it was founded in 2018.
The worldwide government scramble to solve the housing affordability debate has put a rocket under proptech Archistar, which has leveraged a rise in public sector work to rule off a $5 million equity raise.
Archistar’s existing investors NAB Ventures, Skip Capital, ASX-listed conveyancing software business PEXA and chairman Prabhat Sethi topped up in the latest round, bringing the total amount raised to $40 million since it was founded in 2018. Nearly 60 per cent of its revenue now comes from government clients using Archistar under multi-year contracts. In Australia, it has been hired to co-develop a digital compliance tool for Victoria’s Small Lot Housing Code.
He pointed to the Canadian government’s $C4 billion Housing Accelerator Fund, which gives local governments a $C22,000 grant for every time they can demonstrate they fast-tracked an application for a new residential property build. That’s right up Archistar’s alley, Sethi said.
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