Bangkok-based real estate marketplace Hipflat announced today that it has raised an undisclosed funding round from Japanese online auction price analytics and search platform Aucfan.
The investment into Hipflat marks the JPX-listed company’s first in the Thai market, and in the real estate marketplace sector.
In a press statement, Hipflat said that they will the funds to introduce “new innovative products” that will increase transparency in emerging property market.
“[Aucfan’s] expertise in developing big data mining and analytics solutions will help us further improve our products and lay the groundwork for expansion to other countries in Southeast Asia,” expalined Hipflat founder and CEO Denis Nemtsev.
“The availability of reliable data in emerging real estate markets plays a vital role in increasing buyer and seller confidence, improving liquidity, and stabilising property prices. We will keep innovating in this area and will soon announce new products that take advantage of the amazing possibilities offered by blockchain and smart contract technologies,” he continued.
Previously, the startup has raised a seed funding round of US$335,000 from Crystal Horse and 8Capita in 2013, followed by an undisclosed bridge round with participation of 500 Startups.
Technology-focused boutique investment banking firm GeeXstar acted as exclusive financial advisor for the deal.
Hipflat was incorporated in Singapore in 2013.
According to the startup, its core differentiators is the proprietary data mining solutions that allow the collection, extraction and processing of real estate pricing data from hundreds of unstructured sources.
Collected with the help of Natural Language Processing and Machine Learning technologies, the data includes asking prices for over 2,500 projects going back as far as eight years, achievable rental yields, and pricing trends. This is considered a crucial feature in a market where official property transaction records are not publicly available.
It claimed to have attracted 260,000 active property listings and “over” 30,000 monthly inquiries from homebuyers and renters.
During the height of the popularity of mobile game Pokemon GO, Hipflat even introduced a feature that will enable users to find houses in a close proximity to a PokeStop or PokeGym.
Thailand’s property tech sector has been receiving attention from investors, with property developer group Sansiri Pcl and the Siam Commercial Bank (SCB) launching Siri Venture, a corporate venture capital fund that invests in property-related startups and R&D.