Proptech, or the use of technology as solutions in the real estate sector, is expected to grow aggressively in the region. Proptech is designed to improve efficiency in the industry impacting verticals such as information and transaction transparency, operating performance of real estate, shorten processing timelines and much more.
In the region, Singapore is the most advanced market for the proptech industry, which is partly fueled by the government’s Smart Nation initiative. However, the growth of proptech remains strong in the region and we look at some of the startups that are poised for bigger and better things in the new year.
Based in Ho Chi Minh City, Rever is a promising proptech firm and recently secured US$2.3 million from Golden Equator Capital and Korea Investment Partners. This added to their previous raise of US$4 million investment from VinaCapital Ventures.
Rever’s online-and-offline business model seems likely succeed in the fragmented Vietnamese market. Founded by Manh Phan in 2016, Rever works with nearly 7,000 agencies and more than 100,000 part time agents.
This Singapore-headquartered startup has developed an app for property managers to help them coordinate the numerous tasks that are often part of their projects such as office renovations, outfitting of retail stores and condominium and facilities management.
REALly has over 50 property and project managers on its platform, including well-known brands such as Savills, Colliers International and Faithful+Gould. The app also features a marketplace with almost 2,500 suppliers and contractors. The goal of the service is to promote price transparency among the suppliers and contractor through open bidding and ratings.
Propzy is a Vietnam-based proptech startup that matches the demand and supply side of the property market and adds value by working directly with property owners and getting all information about assets. While vetting the information, Propzy conducts customer Know Your Credit (KYC) and assessment that enable direct interactions between buyers and sellers.
The startup allows a customer to book an on-site visit after a due diligence process matching the demand and supply is conducted. It claims it can enable interactions between buyers and sellers within several tens of minutes.
In the last three years Propzy has managed to fundraise a total of US$12 million in funding from investors such as Korean VC firm Stonebridge Capital.
Ohmyhome is a well-funded Singapore-based property marketplace. Launched in September 2016 by sisters Rhonda Wong and Race Wong, the proptech startup simplifies how properties in Singapore and Malaysia are being transacted, by making housing transactions simpler, faster and more affordable. Ohmyhome makes it possible to perform DIY transactions, and offers benefits and services such as fixed-rate agent services, as well as on-demand mortgage and legal services.
Indonesian AirBnB competitor Travelio works with individual apartment owners and property dealers to allow tenants to find and rent apartments. People can book an apartment for a day to months, much like AirBnB. In November this year, Travelio raised a $18 million Series B round led by Singapore-based Pavilion Capital and Gobi Partners.
Travelio has more than 4,000 properties exclusively signed up with the platform, and in addition to offering these fully furnished apartments, Travelio also takes care of house cleaning and maintenance of these properties.