Singapore-based BitofProperty — a blockchain-powered crowdfunding platform that provides an ecosystem for real estate owners and property investors to engage in fractional buy-to-rent investments — has secured an undisclosed sum in seed funding, led by Japanese real-estate and housing information services company LIFULL.
The funding will be used for expansion and technology development.
This round follows a pre-seed round led by Singapore-based startup incubator Spaze Ventures.
The idea of BitOfProperty was born when the founders started to look for ways to invest in real estate. What they found was that real estate investing was expensive, legally difficult and finding information internationally troublesome. That’s when they started looking for ways to bring international real estate investments to the masses.
Basically, BitOfProperty gives you the opportunity to invest in both residential and commercial rental properties. Unlike other crowdfunding platforms, BitofProperty allows small investments into rental real estate based on blockchain technology. This helps decentralise the real estate market by bringing more transparency and liquidity into international investing.
“The BitOfProperty platform is changing the real estate investment industry by making it easier, more transparent, and accessible than ever before. With LIFULL’s investment, as well as industry expertise and knowledge, we are poised to expand our business aggressively, as well as continue to improve our technology,” said Karl Vään, Co-founder and CEO of BitOfProperty.
Keizo Tsutsui, Managing officer, LIFULL said: “We believe blockchain technology and sharing economy are key innovations for the future of real estate. We look forward to building a next-generation global platform for real estate investment.”
Established in 1997, LIFULL operates real estate and housing information services. Its main service is the operation of LIFULL HOMES, a website providing real estate and housing information, which provides an extensive library of property information in Japan. Apart from its focus on mainstay housing, LIFULL has been expanding into related areas such as nursing care, interior design, and insurance. The group is also actively providing its services in 57 different countries around the world.