Cypriot AI startup Placy raises €1 million in pre-seed round

11:06 - 03 September 2024

Companies Reporter

Placy, an AI-powered virtual associate that automates routine tasks from property valuations and market research to scheduling viewings and drafting agreements, recently secured a substantial €1 million funding round led by Zubr Capital, marking a major milestone in its growth trajectory.

Placy was founded 10 months ago in Limassol by former colleagues from CIAN (a top-10 global property portal and NYSE unicorn of 2021) and Wargaming. Cyprus serves as a pilot market, with plans to expand into Greece, the UAE, and the UK.

According to a relevant press release, the new investment from Zubr Capital is anticipated to propel Placy forward in two critical areas: scaling Placy Pro, its white-label B2B AI tool, and accelerating research and development for Placy Assistant, a B2C solution tailored for private sellers and buyers.

"The main challenge in real estate today is to double productivity before the competition does. Automation is crucial for survival and growth," says Mike Vasiliev, CEO of Placy.

“When asked if AI will replace real estate agents, I say: we’re not here for optimisation, we’re here for growth,” adds Sotiris Komodromos, Placy’s Commercial Director. “Our tools are designed for savvy professionals who aim to double their sales with a fraction of the effort.”

Earlier this year, Placy was named Startup of the Year in Cyprus and joined the US Microsoft Startup Hub. "This latest investment marks another step toward its mission: revolutionising the real estate industry with AI," the company's announcement concludes.

Cypriot AI startup Placy raises €1 million in pre-seed round

News Feed

Read More