Vietnam-based proptech startup Propzy targets a US$25M Series B fundraising
Propzy, Vietnam-grown proptech startup said that it is planning to raise US$25 million in a Series B funding round later this year, DealStreetAsia has learned.
The company said that it is looking to use the funding to develop a platform for financial relationship management that includes mortgage banking.
It is also looking to develop its Tenant Access Platform (TAP), a property management software for buildings and properties operators.
From 2016 until now, Propzy managed to fundraise a total of US$12 million in funding with its latest round totalling a US$6 million led by Korean VC firm Stonebridge Capital just in the beginning of this year.
Propzy is Stonebridge’s first foray into Vietnam.
The said round also has names such as Insignia Ventures, GS Shop, Frontier Digital Ventures, TNB Aura, and Next Billion Ventures participating.
Propzy approaches the proptech market with an online to offline (O2O) model that offers a full-stack real estate platform, that its CEO John Le said to be in support of “Vietnam’s brokerage firms that often operate in the resale segment”.
“The market is lacking a technology platform to allow salespeople to service the needs of the real buyers and sellers. We want to make sure the quality control process is secured, so by the time a property becomes a listing on our marketplace, we can address the real buyers’ needs, which means what they see is what they can actually get,” Le added.
Catering to the need, the platform lets customers book an on-site visit after a due diligence process. Matching the demand and supply are conducted through directly working with property owners and getting all information about assets. While vetting the information, Propzy simultaneously conducts customer Know Your Credit (KYC) and assessment that enable direct interactions between buyers and sellers.
Its platform also offers the property listing curation process, which captures the market value of properties automatically.