Hanoi (VNA) - Vietnamese property technology (proptech) firmsare attracting the attention of both foreign and domestic investors keen to graba larger share of the country’s 500-million-USD market.
It is estimated that Vietnam has about 100 proptech companies, 80percent of which are foreign-owned or receive foreign funding.
Among recent investments, Hotel booking platform Go2Joy Vietnam raised anadditional 1.3 million USD from Republic of Korea (RoK) venture capital firm SVInvestment just last week.
The travel tech startup has raised a total of 6.1 million USD ininvestment over the last year. It closed a Series A funding round of 2.5million USD, led by STIC Ventures, KB Investment, Wonik Investment Partners andWadiz Platform, in February 2020, and received 2.3 million USD in a Series Afunding round led by HB Investment and Platform Partners Asset Management justa few months ago.
Another Vietnamese proptech startup, Citics, bagged 1 million USD in apre-Series A round from international and domestic investors in March. Investorsincluded Singapore’s Vulpes Investment Management and the RoK’s Nextrans andThe Ventures. It had earlier raised 700,000 USD from angel investors.
In March, Vietnam’s Homebase said it had mobilised 125,000 USD from the US-basedaccelerator Y Combinator (YC). Last December, it secured an undisclosed sum ina pre-Series A funding round led by VinaCapital, US venture capital companyPegasus, and Singapore’s 1982 Ventures.
A.Plus Home, meanwhile, has raised 8 million USD from Japan’s Daiwa PIPartners.
A property market worth around 21 billion USD coupled with a youngtech-savvy population are setting the scene for proptech businesses to boom inVietnam.
The country’s real estate market remains in the early stages ofdevelopment, with many problems to solve, according to Neil MacGregor, ManagingDirector of Savills Vietnam. Proptech is able to provide solutions to tackle theseproblems.
Many Vietnamese are tech-savvy and capable of picking up newtechnologies quickly, and proptech firms are targeting these people,particularly condo owners and users of real estate apps, he added.
Vice Chairman of Cen Land Pham Thanh Hung said proptech is an emergingmarket in Vietnam, grabbing major attention from investors and start-ups. Many platformsrecording initial success, however, have been acquired by foreign investors, henoted, adding that it is important to develop a “Make in Vietnam” platform inreal estate./.
It is estimated that Vietnam has about 100 proptech companies, 80percent of which are foreign-owned or receive foreign funding.
Among recent investments, Hotel booking platform Go2Joy Vietnam raised anadditional 1.3 million USD from Republic of Korea (RoK) venture capital firm SVInvestment just last week.
The travel tech startup has raised a total of 6.1 million USD ininvestment over the last year. It closed a Series A funding round of 2.5million USD, led by STIC Ventures, KB Investment, Wonik Investment Partners andWadiz Platform, in February 2020, and received 2.3 million USD in a Series Afunding round led by HB Investment and Platform Partners Asset Management justa few months ago.
Another Vietnamese proptech startup, Citics, bagged 1 million USD in apre-Series A round from international and domestic investors in March. Investorsincluded Singapore’s Vulpes Investment Management and the RoK’s Nextrans andThe Ventures. It had earlier raised 700,000 USD from angel investors.
In March, Vietnam’s Homebase said it had mobilised 125,000 USD from the US-basedaccelerator Y Combinator (YC). Last December, it secured an undisclosed sum ina pre-Series A funding round led by VinaCapital, US venture capital companyPegasus, and Singapore’s 1982 Ventures.
A.Plus Home, meanwhile, has raised 8 million USD from Japan’s Daiwa PIPartners.
A property market worth around 21 billion USD coupled with a youngtech-savvy population are setting the scene for proptech businesses to boom inVietnam.
The country’s real estate market remains in the early stages ofdevelopment, with many problems to solve, according to Neil MacGregor, ManagingDirector of Savills Vietnam. Proptech is able to provide solutions to tackle theseproblems.
Many Vietnamese are tech-savvy and capable of picking up newtechnologies quickly, and proptech firms are targeting these people,particularly condo owners and users of real estate apps, he added.
Vice Chairman of Cen Land Pham Thanh Hung said proptech is an emergingmarket in Vietnam, grabbing major attention from investors and start-ups. Many platformsrecording initial success, however, have been acquired by foreign investors, henoted, adding that it is important to develop a “Make in Vietnam” platform inreal estate./.
VNA
