Oslo-based proptech startup Speiz has secured €1.3M in a seed funding round led by F-LOG Ventures, under the wider FIEGE Logistik investment wing. Iron Wolf Capital and Lithuanian VC firm Angel Fund also participated the round. To date, the Norwegian proptech has raised approximately €1.8M including investments from Antler, Startup Lab and TRK Group (Managed by Trond Riiber Knudson). With the funding, Speiz will be able to speed things up to establish its new SaaS-enabled marketplace for commercial warehouse real estate in Norway and accordingly expand its reach across Europe.
Speiz is a SaaS-enabled marketplace for commercial real estate. The digital-first platform enables warehouse owners to generate more revenue from their commercial property by easily matching with tenants looking for an optimal warehouse solution. Speiz started in the Antler Accelerator Program in 2020, co-founded by CEO, Paulius Kvedaras. He joined the program to solve a key pain point his family faced on their farm in Lithuania, where warehouse facilities were often underutilised and operationally expensive due to seasonalities. Speiz was launched to be a cost-friendly, supplier-oriented solution to this common warehouse problem and to help meet the ever-growing demand for warehouse space.
Paulius Kvedaras, CEO and Co-Founder of Speiz said: “The brokerage market is broken and in great need of overhaul. Analog technology, expensive fees and inefficient rental processes have defined this industry, resulting in lack of transparency and shirking margins. Speiz is creating a new definition of warehouse leasing that meets the needs of modern business owners today. In order for last-mile delivery, micro-mobility and similar industries to grow, warehouse spaces for businesses are a priority. Speiz understands this necessity, and offers a unique proposition to support their growth across Europe.”
The startup’s product leverages the network effect to digitally transform the outdated brokerage market. Speiz’s pricing is 3-5 times cheaper than average broker market rates and removes up to 80% of the cost & time associated with leasing activities for suppliers. The new marketplace is cheaper and faster than working with brokers because it automates manual work with machine learning and smart algorithms. Speiz also offers supplier insights on market price and tenant needs enabling them to adapt and increase yield, bringing transparency to the market.
Currently, Speiz has data on over 1 million warehouse listings in seven markets, including the UK, Germany and Sweden. They already have an impressive customer list that includes the likes of ride app, Bolt and construction and engineering corporation, Elecnor.
Tanja Rosendahl at F-Log Ventures, the lead investor said: “Distribution chains are changing in almost all industries, meaning warehouse facilities and distribution centers are more than ever a strategic competitive advantage. At the same time, they represent a significant cost factor. With the current search and leasing process for warehouse space being very non-digital, it’s almost unimaginable how the industry can move forward without proptech innovation. Speiz has developed a technology-enabled end-to-end solution that will be a real game changer – for both landlords and tenants.”
The €1.3M investment will be used for product development and business expansion. With a 10% month over month growth on new facilities data, and plans to use this funding to aggregate the largest European warehouse facilities database in commercial real estate – Speiz are primed to blitzscale across Europe. This kickstarts in 2023 with their first market expansion planned, thanks to this successful funding round.
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