Copenhagen-based proptech startup Cortas has raised approximately €1.47 million in a pre-seed funding round backed by PSV Tech, JRNY Capital, EIFO and technology entrepreneurs, including the founders of Flatpay and Spirii. Cortas combines property management services with in-house software development, using AI and automation to streamline property operations, tenant services and financial administration for real estate investors. The company plans to use the funding to further develop its technology, expand its team and establish itself as an alternative to traditional property management providers, starting in Denmark.
Cortas combines property management services with in-house software development for real estate investors. Founded by Christian Pind Schmidt and Frederik Buchardt, the company uses AI, automation and conventional workflows to manage property operations, tenant communications, move-ins and move-outs, bookkeeping and financial administration. Headquartered in Copenhagen, Cortas aims to integrate technology development and service delivery within a single operating model.
“We don’t see using AI as a strategy in itself,” said Pind Schmidt, Cortas’s co-founder and CEO. “It is an exciting technology because it allows us to rethink the entire property management business model from the ground up. But, like any other technology, AI has to earn its place by creating real value for our customers.”
The company is entering a market where property management services and the software used to deliver them are typically supplied by separate providers. Cortas intends to develop its own tools and use them in its daily operations, allowing it to adapt workflows and technology together rather than relying on external software designed for established processes.
“We don’t start by asking where we can implement AI. We start by asking how to provide the best possible property management service,” said Frederik Buchardt, Cortas’s co-founder and COO. “Sometimes AI is the right solution. Elsewhere, it’s conventional automation, better processes or skilled people. The result matters, not which technology we can apply.”
The founders’ approach is based on their experience in real estate investment at Danish property investor Thylander Group. Pind Schmidt also previously worked at McKinsey in Denmark. Their experience in the sector informed their view that improving property management requires changes to how work is organised, rather than simply adding AI tools to existing systems.
“We don’t think property management becomes fundamentally different just because you put a chatbot on top of old workflows,” said Pind Schmidt. “The opportunity lies in rethinking how the work itself is organised and carried out in a new technological context. In practice, that means being able to build software in-house and test new approaches every day.”
The €1.47 million pre-seed round includes backing from PSV Tech, JRNY Capital and the Export and Investment Fund of Denmark (EIFO), alongside technology entrepreneurs, including the founders of payments company Flatpay and electric vehicle charging company Spirii.
Tore Harritshøj, a Cortas investor and founder of Spirii, says, “Property management is a large market where technology will undoubtedly transform both the cost structure and the customer experience,” he said. “Cortas isn’t building software for existing property managers. It is building an entirely new operating model around AI. That makes the business case particularly interesting and, in several ways, reminds me of the journey we went through with Spirii.”
PSV Tech led the investment. The investor sees potential for technology to change the cost structure and customer experience in property management, a market that remains dominated by established providers.
“Cortas won’t be the only company trying to rethink property management. What matters to us is that we believe this team has the potential to succeed,” said Christian Dalsgaard, who led the investment for PSV. “Christian and Frederik combine tremendous drive and ability to execute with first-hand experience from the property investor’s side. They have the industry insight and the right network to deliver on their ambition of serving large, demanding property investors from day one.”
Cortas plans to use the capital to develop its software, grow its team and build its customer base in Denmark. Its model aims to automate repetitive administrative tasks so employees can focus on work requiring professional judgement, specialist expertise and direct relationships with property owners and tenants.
The company does not position AI as the solution to every operational challenge. Instead, it plans to use AI where it can deliver practical value, alongside conventional automation, revised processes and human expertise.
Cortas estimates that the Danish property management market is worth approximately €270–400 million annually, while the global market exceeds €400 billion. Denmark is the company’s initial market, where established providers including DEAS, Newsec and CEJ hold significant positions.
By combining software development and property management within one organisation, Cortas aims to create an alternative to the traditional model in which property managers depend on external technology providers. Its longer-term opportunity will depend on whether its integrated approach can improve operational efficiency and service quality as it scales.
Read the orginal article: https://arcticstartup.com/cortas-raises-e1-47-million-pre-seed/
