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

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Arcanite, an off-the-plan sales management software solution, aims to transform the way off-the-plan developments are sold using virtual reality and now wants to help people enter the real estate market.

The proptech helps real estate developers and brokers simplify the management of their sales channels and projects, grow their networks quickly and sell more properties faster, recently selling $1.1 billion worth of properties on the platform.

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

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

“By placing a strong emphasis on mobility and finance, Arcanite found the ideal place to meet the needs of flexible real estate professionals and Australian buyers looking to secure their dream home faster.”

Arcanite has developed dragonVR, which allows developers, builders, and agents to showcase upcoming developments ahead of construction. The proptech is now branch into fintech with Equimate, what helps eligible first-time homebuyers, who have little to no down payment, with the financing needed to buy a home.

Equimate CEO Phil Foweraker said they hope to give thousands of Australians the opportunity to invest in real estate sooner.

“We recognized how difficult it is for so many Australians to enter the property market, from saving for a down payment to coming up with extra cash to cover bank charges, including Lenders Mortgage Insurance (LMI),” he said.

“Equimate helps first homebuyers to homeownership, and save costs associated with LMI premiums from standard credit institutions.”

The companies are based in Stone & Chalk’s new Sydney Scaleup Hub, and CEO Michael Bromley said they used DragonVR to showcase the hub’s workspaces.

“This technology helps break down barriers between potential tenants and property owners,” he said.

“Arcanite and the upcoming Equimate recognize the potential to shift Australia towards future-proofing the economy and diversifying entry conditions to reach a broader market.”

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