Founders Fund leads $16M Series A round for Giraffe360, a team we backed at seed
Hardware is hard. But the best founder teams just don't give up.
Four years ago, Change Ventures was the first institutional investor to back Mikus and Madars Opelts, the brothers who co-founded Giraffe360. Back then Mikus had identified the problem — the challenge real estate agents and brokers have in generating digital content (photos, virtual tours and accurate floor plans) fast in order to get a property up for sale/rental. They had also figured out a solution — a robotic camera connected to a back-end cloud processing platform — and the right business model (hardware-as-a-service) for delivering this to the industry.
Fast forward three years and this team that spends most of their time executing rather than talking publicly about what they are doing, is positioned to become one of the robotics and PropTech success stories from Latvia. After we introduced the team to Hoxton Ventures, HCVC and Launchub Ventures, all of whom backed the company in prior rounds, the team secured Series A funding from one of the legendary Tier 1 investors, Founder's Fund. As their Principal Delian Asparouhov said, “Giraffe360 was a no-brainer, and is really well suited to meet the needs of the market from both the hardware and software front.”
The new camera is lighter, higher quality and most importantly can create content much faster than prior versions and is now shipping to customers. Giraffe360 has a solid backlog of customers waiting to receive cameras and we expect rapid revenue growth as the new customers come on board. The company is hiring for more roles in Latvia and elsewhere — now is the time to join this rocket ship as the business takes off.
We are honored to have joined the Giraffe360 journey thus far and look forward to an exciting 2023!