The German proptech startup syte has secured €9 million in a Series A funding round. The investment was led by amberra, the venture studio of the Cooperative Financial Group Volksbanken Raiffeisenbanken, with participation from new investor NRW.BANK. Existing backers, including Schwarz Group, High-Tech Gründerfonds, vent.io, and Vantage Value, also joined the round.
Founded by Matthias Zühlke and David Nellessen four years ago, syte provides a platform that integrates cadastral records, LiDAR data, satellite imagery, and market data. The service helps developers, banks, and brokers evaluate land and property potential. Currently, the platform covers over 62 million parcels in Germany and serves more than 200 customers.
The company reported that its annual recurring revenue doubled over the past year. With this latest injection of capital, the total funding raised by syte has reached approximately €17 million. The startup previously raised €2.6 million in a 2022 seed round and an additional €5 million in 2024.
The new funds are earmarked for automating further stages of the planning process and supporting the company's expansion into additional European markets. The partnership with amberra is expected to facilitate the adoption of the platform by cooperative banks, which are already utilizing the technology for property sales and client advisory services.
