Singapore-based property management and marketplace platform REALly announced that it has raised S$500,000 (US$361,000) in seed funding from strategic advisory Huntington Partners and angel investors, The Business Times learned.
The seed funding will be used to further enhance its platform as well as develop overseas markets, specifically Malaysia and Indonesia.
In those two markets, REALly said it has already stroke partnership with local partners.
REALly dubbed itself as “Singapore’s first integrated web-application”, offering hybrid of project management, real estate e-tendering, and an open procurement marketplace.
It offers an app-based end-to-end process for renovations, fit-outs, maintenance and reinstatement of properties aimed at supporting task management for property managers.
The company said that the integration of an open marketplace and project management tool enables stakeholders to “increase visibility and market reach while streamlining communication and project delivery.”
So far, the company said, the app has over 50 property and project managers on its platform. The app also has boarded close to 2,500 suppliers and contractors on its marketplace.
Founder Joerg Zeugner stated that REALly aims to “promote price transparency among the suppliers and contractors via an open bidding process for their services and a rating function.”
According to JLL, a property brokerage and consultancy, the total value of the investable global commercial real estate is estimated to reach US$65 trillion by the year 2020, with the Asia Pacific (APAC) accounting for over 30 per cent of it.
This put the proptech industry in the spotlight in the next year as more eyes turn towards the growing real estate market and its strong potential for growth.
Prior to the funding, the startup survived by bootstrapping with 14 employees.