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Paraspot 🤳

virtual property inspections

setting the scene

  • you quit your 9 to 5 to pursue your dream of opening a bed and breakfast 🛏
  • one weekend, a big group books out every room and throws a rager 🍾
  • upon checkout, you find almost every unit in poor condition 🤬
  • you struggle to assess the damage and identify the missing items
  • this week’s company helps real estate companies deal with damage by bringing computer vision to property inspections

in a sentence

Paraspot enables real estate companies to conduct virtual property inspections

  • companies: hotels and short-term rentals
  • conduct: a tenant or housekeeper scans the unit through an app
  • virtual: the app uses ai-based algorithms to generate a report on structural problems and damaged items

bulleted version: similar to how the measure app on an iPhone scans an object to measure a distance, Paraspot scans rental units to generate an inspection report 📱

the basics

  • industry: proptech, hospitality, ai, b2b saas
  • headquarters: Berlin, Germany 🇩🇪
  • year founded: 2020
  • company size: < 5 employees 💼
  • amount raised: £120k
  • business model: recurring revenue, contracts priced per unit

sponsored by 

  • Mercury is flipping the script on business banking
  • despite being an instrumental pillar of starting and scaling a company, traditional banking has never catered to founders’ unique needs
  • that’s why Mercury’s founders decided to create a new standard for business banking with a platform that fuels founders and their finance teams with exactly what they need (and nothing they don’t)
  • manage FDIC-insured accounts, send money seamlessly, grow with alternative financing, and more – all online, all with confidence
  • try their demo to see why more than 100k startups across industries, stages, business types choose Mercury to help them build the next great companies

Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.

due diligence

what we like

  • 📈 property management trends: the $14b property management software market is projected to double by 2030 as real estate companies adopt new technology
  • 👁 spotting pain points: Paraspot cuts inspection time from 20 minutes to 90 seconds per unit, mitigates human error, eliminates security deposit disputes, and reduces the need for in-person visits
  • 🏘 market expansion: while the startup currently serves hospitality and short-term rental companies, Paraspot can grow its tam by expanding to long-term rentals, commercial properties, and student housing

potential risks

  • 🙅🏽‍♂️ human vs. ai error: while Paraspot eliminates human error, the scanning tool may miss areas that require the human eye
  • ⌚️sales cycle: the company must educate potential customers on its software, which may prompt longer sales cycles
  • 🔌 integration: Paraspot may close more customers by integrating with their existing property management systems
weekly cartoon

founder profiles

comps

why Paraspot: Paraspot has signed 5 major customers and piloted the software with major hospitality players; from our inspection, Paraspot is well-positioned to disrupt the property management industry 🏩

what we’re reading 📚

  • our friend Andrew Yeung is a product lead at Google, community builder, and host of tech events with 10k+ attendees
  • check out Andrew’s newsletter, Musings & Perspectives, where he shares insights on leadership, career growth, and relationship building

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