syte secures nine million euros in Series A funding

Münster-based PropTech startup syte GmbH has secured nine million euros in a Series A financing round. The funding round was led by amberra, the venturing studio of the Volksbanken Raiffeisenbanken cooperative financial group.

NRW. BANK participated in the round through its venture capital fund, NRW. Venture, contributing approximately three million euros. Existing investors, including the Schwarz Group, High-Tech Gründerfonds (HTGF), vent. io, and Vantage Value, also participated in the round.

Founded in 2021 by Matthias Zühlke and David Nellessen, syte utilizes artificial intelligence to aggregate and analyze geographic, land, and real estate data. The software is used by banks, developers, and planners to assess building potential, conduct economic calculations, and determine renovation needs. The company, which currently employs over 40 people, intends to use the new capital to accelerate its expansion across Europe and further develop its automated digital processes for pre-construction phases.