Real estate technology platform Propzy has completed a US$25 million Series A funding round from two investors – Gaw Capital and SoftBank Ventures Asia.
|Propzy, a real estate trading platform, was founded in 2016. — Photo Propzy|
The funds will be used for developing new products, simplifying transactions and logistics to streamline the entire real estate lifecycle, such as trading, renting and managing landed houses and apartments, said John Le, founder and CEO of Propzy.
This capital will also be used to finance real estate credit, expand rental services by taking advantage of the business model on the existing platform.
Founded in 2016, Propzy is a real estate trading platform, providing services of buying, selling, renting, managing houses and giving financial advice and legal assistance.
Previously, investors in Propzy in the previous rounds included Next Billion Ventures, RHL Ventures Breeze, FEBE Ventures, RSquare and Insignia.
A report from JLL Vietnam said that the prospects for proptech in the country were positive due to its young demographic, tech savvy population, available funding and incentives for technological start-ups.
In Vietnam, the development of proptech is more prominent in the active market segments of residential and office. These two sectors witness high levels of interest from both developers and buyers and are served by more than 50 per cent of proptech players in the market. VNS
Investors say they have huge amounts of capital in hands and are seeking good technology startups to disburse the money.
Proptech in Vietnam is developing and expanding on the back of strong momentum in the Vietnamese real estate market, due to its benefits in improving accuracy and speed, as well as cost savings and convenience.