Vietnamese proptech startup raises US$1 million in pre-series A round
The startup plans to use the new funds to further develop its products and expand across the country.
Citics, a Vietnamese proptech startup, has raised US$1 million in a pre-series A round from a group of international and domestic investors.
|Citics - a Vietnamese proptech startup|
The investors include Vulpes Investment Management, a seed investor in Singapore-based unicorn PropertyGuru, Vietnamese company Nextrans and South Korea’s TheVentures.
The startup has raised US$700,000 from multiple angel investors, many of whom also participated in this round.
The startup plans to use the new funds to further develop its proprietary SaaS and DaaS products, as well as expanding its business across the country.
Established in 2018, Citics aims to build a comprehensive real estate data platform by digitizing and centralizing many fragmented data sources to assist real estate transactions, including real estate valuation, sales-purchase, lease and mortgage.
It offers a data-as-a-service solution for banks to validate the value of real estate employed as collateral for loans. By using a proprietary valuation map, bankers can check the details and preliminary values of properties.
It also enables banks’ risk department to control mortgage risks related to property values and locations by digital price map technology.
Currently, it has data of more than nine million properties across the country and has estimated values for nearly four million of them.
Since launching its products in early 2020, it signed contracts with ten banks and achieved a monthly growth rate of more than 30%.
- Reverse vending machine: Typical green growth model for Vietnam
- Vietnam investors start embracing local startups
- Vietnam seaside towns to become key international tourism destinations
- Vietnam continues to be key overseas production base of global giants
- Vietnamese proptech startup raises US$1 million in pre-series A round
- Vietnam needs to build hub airports
- Covid-19 pandemic makes no hurdle to Vietnam's building plan of SEA largest airport: Experts
- Vietnam needs US$320.6-billion for power industry by 2045
- Vietnam, US to enhance economic cooperation after Covid-19
- Supply chain diversion increases tech giants’ interests in Vietnam: HSBC
Citizen engagement makes Covid-19 fight successful in Vietnam
C.bank expects credit growth to exceed 12%-target for 2021
Japanese and Vietnamese artists to perform symphony concert
Danang announces list of housing projects for foreign ownership
Vietnam warned of imported Covid-19 transmission amid rising regional cases
Hanoi team ranks 1st at National Archery Championships 2021
Vietnam moves up in int’l vaccine regulation ranking
Vietnam to cut research time of Covid-19 vaccines amid thin supply
Corporate bonds of real estate - risky commercial debt for investors