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Proptech startup Arcanite hits $1 billion benchmark for off-the-plan property sales

- June 28, 2022 2 MIN READ
Photo: AdobeStock
Arcanite, an off-the-plan sales management software solution, has set out to transform the way off-the-plan developments are sold using virtual reality and is now looking to help people crack into the property market.

The proptech helps property developers and real estate agents simplify the management of their sales channels and projects, rapidly growing their networks and sell more properties sooner, recently reaching $1.1 billion worth of properties sold on the platform.

Founder and CEO William D. Lin said it’s a challenge to succeed using the same methodology as traditional real estate sales in the off-the-plan space

“The right tools are needed to not only address the specific needs of project sales, but to cater towards the demand for accessibility, convenience, and fast-paced nature of the industry,” he said.

“Placing a strong emphasis on mobility and finance is where Arcanite found the sweet spot in terms of meeting the needs of agile property professionals and Aussie buyers looking to secure their dream home quicker.” 

Arcanite has developed DragonVR, which allows developers, builders, and agents to showcase upcoming developments prior to construction. The proptech is now branching out into fintech with Equimate, which helps eligible first home buyers, who have little-to-no deposit, with the finance needed to purchase a home.

Equimate CEO Phil Foweraker said they’re hoping to give thousands of Australians the opportunity to invest in property sooner.

“We recognised how difficult it is for so many Australians to enter the property market, from saving for a deposit to coming up with additional funds to cover bank fees, including Lenders Mortgage Insurance (LMI),” He said.

“Equimate helps first home buyers into home ownership, and saves costs involved in LMI premiums from standard lending institutions.” 

The companies are based at Stone & Chalk’s new Sydney Scaleup Hub and CEO Michael Bromley said they’d been using DragonVR to showcase the hub’s workspaces.

“This technology is helping break down barriers between potential tenants and real estate owners,” he said. 

“Arcanite and the upcoming Equimate recognise the potential to shift Australia towards futureproofing the economy and diversifying entry conditions to reach a wider market.”

 

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