EXCLUSIVE: Copenhagen-based PropTech Cortas lands €1.47 million in a pre-Seed round led by PSV Tech

Cortas, a Copenhagen-based PropTech startup building what it calls an entirely new operating model for property management, has raised €1.47 million in pre-Seed funding.

The round was led by PSV Tech, which has backed Nordic companies for more than two decades and includes Lunar, Helloflow and Spektr in its portfolio. The round also saw participation from JRNY Capital, EIFO, and a cohort of seasoned tech entrepreneurs including founders of Danish FinTech Flatpay and EV-charging platform Spirii.

“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. 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,” said Christian Dalsgaard, Investment Manager, PSV Tech.

The PropTech startup was founded by Christian Pind Schmidt and Frederik Buchardt, both alumni of Thylander Group, one of Denmark’s major real estate investors. During their time at Thylander Group, the founders gained direct exposure to the fragmented systems and cumbersome workflows that long defined the property management sector, and they set out to change that.

Unlike conventional approaches that layer technology on top of existing solutions, Cortas is built on the conviction that property management and the software powering it should come from the same company. Its founders say these two functions have traditionally been provided separately.

Cortas is bringing these two functions under one roof, developing its own tools while using them to manage clients’ properties. This approach, they argue, will lead to a materially better experience for both owners and tenants.

The startup is targeting Denmark as its launch market, where the property management sector is estimated to be worth between €270 million and €400 million annually. The market is dominated by established players such as DEAS, Newest and CEJ, which account for more than a third of the market. The global market for property management, meanwhile, is valued at more than €400 billion.

As Dalsgaard said, Cortas won’t be the only company aiming to transform the property management sector, but the distinction lies in how it goes about it. The company describes itself as AI-native, but it is also quick to push back against the idea of AI-fication of everything.

“We don’t see using AI as a strategy in itself. 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,” said Pind Schmidt, co-founder and CEO of Cortas.

Buchardt, co-founder and COO of Cortas, argues that the company will be a service-first PropTech startup rather than tech-first. “We don’t start by asking where we can implement AI. We start by asking how to provide the best possible property management service. 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,” he said.

This selective implementation of AI also extends to how Cortas works with the company, focused on automating administrative tasks to free employees for work where human judgment, specialist knowledge, and relationships are most valuable.

Since June, Cortas has built a new operating model and software and signed its first property-investor customers. With the pre-Seed capital, the startup plans to further develop its technology platform, expand its team, and position itself as a credible alternative to the established names currently dominating the Danish property management market.

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