Wij willen met u aan tafel zitten en in een openhartig gesprek uitvinden welke uitdagingen en vragen er bij u spelen om zo, gezamelijk, tot een beste oplossing te komen. Oftewel, hoe kan de techniek u ondersteunen in plaats van dat u de techniek moet ondersteunen.

Propzy, a Vietnam-based startup that guides consumers through the entire process of a real estate transaction, announced it has raised a $ 25 million Series A led by Gaw Capital and SoftBank Ventures Asia, the early-stage venture arm of SoftBank Group. Other investors included Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare and Insignia.

Instead of proptech, Propzy founder and CEO John Le prefers the term “firetech” to describe the startup, using “fire” as an acronym for financial, insurance and real estate technology. Founded in 2016, Propzy’s technology covers almost every stage of a real estate transaction, from brick-and-mortar sales centers to an online marketplace for listings, financial products like mortgage lending and, finally, enterprise software for property managers and tenants.

The company’s Series A will be used to grow its product line and provide a balance sheet for its expansion into direct mortgage financing. Most of Propzy’s current operations are in Ho Chi Minh City. It plans to expand into Hanoi through the rest of this year and 2021, before exploring other Southeast Asian markets, including potentially Thailand, Malaysia and the Philippines.

Propzy currently has 30 brick-and-mortar sales centers, with a total of 400 sales staff. Over the 18 months, it expects to increase those numbers to 70 sales centers and 1,300 sales staff.

The sales centers complement Propzy’s online marketplace, with tens of thousands of properties pre-screened by its staff before they are entered into listings. Le said Propzy has handled more than $ 1 billion in property transactions since its launch, making it the largest offline-to-online real estate network in Vietnam.

Le is a serial entrepreneur and his past startups include LoanTrader, a mortgage trading platform that was backed by Goldman Sachs, Citigroup and GE Capital. In 2009, he went to Vietnam to launch an international credit bureau with TransUnion. During that time, he realized how burdensome the process of renting or buying property can be there.

In the United States, consumers benefit from listing platforms like Zillow and Trulia, licensed real estate agents and escrow offices. In Vietnam, however, Le said many listings are on classified sites, similar to Craigslist, and are often not handled by licensed agents. There is also no standardized listing data, which makes comparing multiple properties difficult for consumers.

To replicate the U.S. experience in Vietnam, “you can’t just launch a website and put properties on it,” Le said. “We built an offline agency, but you need to utilize tech to increase its efficiency and performance, so we are an offline-to-online platform. That high-touch customer service needs to go all the way, not just for property matchmaking but to help both parties successfully close and settle transactions.”

Propzy built an automated valuation model using data it has gathered over the last four years to assess homes, help recommend prices and show customers comparable properties. On the financing side, the model is also used by Propzy’s partner banks to help customers get pre-approved for loans based on property value.

After buyers move into an apartment unit, they can use Propzy’s tenant software to report issues or book maintenance services and amenities. If they decide to sell or rent the property, they can also do so through the platform.

The pandemic has put downward pressure on Vietnam’s real estate market, with a 70% reduction in Propzy’s business during the country’s nationwide lockdown in April. On the other hand, more people were doing searches online and inquiring about selling property, Le said.

“We’re carrying an all-time high pipeline of deals, as consumers start to have more confidence and know where the market will be in two to three months,” Le added. “People still need houses, so deals in the pipeline are three times over the fourth-quarter average. We expect them to close quickly, so we are on a good path to hitting our numbers at the end of the year.”

In a press statement about the investment, Gaw Capital managing partner Humbert Pang said, “Given the favorable macroeconomics exhibited by Vietnam and Gaw’s conviction in offline-to-online business models in real estate, we are excited by our investment into Propzy. We see the value proposition and steadfast vision that Propzy and its management team brings to the table and are therefore very optimistic in Propzy’s business and the market within which it operates.”


TechCrunch

An Indian startup that is attempting to improve the way how millions of people in the nation lease or buy an apartment — by not paying any brokerage — just raised a significant amount of capital to further expand its business.

NoBroker said on Wednesday it has raised $ 50 million in a new financing round. The Series D round for the Bangalore-based real estate property operator was led by Tiger Global Management and included participation from existing investor General Atlantic. The five-year-old startup, which closed its previous financing round in June, has raised $ 121 million to date. The new round valued NoBroker at about $ 325 million, a person familiar with the matter told TechCrunch.

NoBroker operates in six cities in India: Bengaluru, Chennai, Gurgaon, Mumbai, Hyderabad and Pune. The startup has established itself as one of the largest players in the local real estate business. It operates over 3 million properties on its website and serves about 7 million users. It is adding more than 280,000 new users each month, Amit Kumar, cofounder and CEO of NoBroker, told TechCrunch in an interview.

Real estate brokers in India, as is true in other markets, help people find properties. But they can charge up to 10 months worth of rent (leasing) — or a single-digit percent of the apartment’s worth if someone is buying the property — in urban cities as their commission. NoBroker allows the owner of a property to directly connect with potential tenants to remove brokerage charges from the equation.

The startup makes money in three ways. First, it lets non-paying users get in touch with only nine property owners. Those who wish to contact more property owners are required to pay a fee. Second, property owners can opt to pay NoBroker to have its representatives deal with prospective buyers — in a move that ironically makes the startup serve as a broker.

NoBroker also offers end-to-end services such as rent agreements, home loans, and movers and packers, for which it also charges a fee. The startup says it uses machine learning to speed up the transactions and make it service low-cost.

The startup processes about $ 14 million in rent each month, Kumar said. This is increasing by 25%-30% each month, he said. NoBroker’s business in Bangalore and Mumbai, two of its largest cities, are already profitable, Kumar said.

The startup will use the fresh capital to expand its business and build more products. It recently launched a community and digital management app to keep a digital log of all the entries — say a Flipkart delivery personnel comes to your house — occurring in a society, and maintain a dialogue with other people in a vicinity. The app also allows users to exchange goods with one another and pay their utility bills, startup’s executives said.

The new financing round is oddly smaller than $ 51 million NoBroker had raised in June this year. Saurabh Garg, chief business officer of NoBroker, told TechCrunch in an interview that the founding team did not want to dilute their stake in the startup, hence they opted for a smaller round.

NoBroker is competing with a number of players including Proptiger, 99Acres, and heavily backed NestAway, which counts Goldman Sachs and Tiger Global among its investors. NestAway operates in eight Indian cities and has raised north of $ 100 million to date. Budget hotel startup Oyo, which has already become one of the largest hotel businesses in the world, also operates in NoBroker’s territory with Oyo Living.

But NoBroker’s Kumar said he does not see Oyo and other startups as competition. Instead, “these other players are some of our largest clients,” he said. India’s real estate industry is estimated to grow to $ 1 trillion in worth by 2030.

The business model of NoBroker has also created new local challenges for the startup. Brokers are unsurprisingly not happy with startups such as NoBroker and have grown hostile in recent years. In recent years, they have attacked and harassed NoBroker employees. So much so that the startup had to delist its address from Google Maps. But Kumar said the mindset of people is changing.


TechCrunch

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