Geneva PropTech Backbone raises USD 5.5 million

Backbone, an on-demand service for real estate visuals, has closed a USD 5.5 million seed round to further develop its technology and support its global expansion.

The demand for real estate visuals is booming, representing a USD 30 billion global market, as professional visuals are becoming a key differentiator for realtors. Quality visuals lead to properties selling 32% faster and at a higher price.

Moreover, the pandemic has accelerated the digital transition using various visuals such as virtual visits, photos, videos, drones, renderings and VR visuals to attract their audience online and replace traditional on-site visits.

To address transition, Backbone has chosen a tech-first approach and developed a platform that enables real estate companies to easily order all types of real estate visuals instantly. A realtor can now order photos, videos, virtual staging, rendering, floor plans, drones, virtual visits, advanced editing in seconds anywhere in Europe and be delivered within 48 hours.

After a USD 1.9 million pre-seed round last year, Backbone raised USD 5.5 million in a financing round led by VR Ventures with additional participation from existing investors Wingman Ventures and ACE & Company. EquityPitcher Ventures and TX Markets also joined this round of funding.

Building the leading European platform for real estate visuals from Geneva

Founded in 2018 in Geneva, the start-up quickly grew across the DACH region. Backbone is now working with hundreds of real estate companies, including global companies like Sotheby’s and CBRE as well as pension funds and local realtors.

This latest round of funding will be used to accelerate the expansion to cover all of Europe by the end of 2022 and to grow their product and tech team.