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%.
Other News
- North-South high-speed railway to open up new economic opportunities
- Prime Minister calls on China to pilot border economic cooperation zone
- State-owned corporations set to pilot offshore wind power projects
- AIIB ready to fund Hanoi’s urban railway projects
- S.Korea’s industrial conglomerates to expand investment activities in Vietnam
- Intel boosts Vietnam’s semiconductor workforce for ambitious goals
- Vietnam among top investment destinations for SEA investors
- Vietnam looks to support FDI firms as global minimum tax looms
- Factors unlocking Vietnam’s potential in FDI attraction: HSBC
- Opportunity at hand: Leveraging global minimum tax for FDI attraction
Trending
-
Vietnam's updated NAP: Progress in climate action
-
Vietnam news in brief - November 20
-
Prime Minister meets world leaders at G20
-
Hang Ma Street gears up for festive season
-
A Hanoi artisan turns straw into appealing tourism product
-
“Look! It’s Amadeus Vu Tan Dan” workshop - an artistic journey for kids
-
Vietnam news in brief - November 15
-
Experiencing ingenious spaces at the Hanoi Creative Design Festival 2024
-
Hanoi Festival of Creative Design 2024: celebrating the capital's cultural innovation