The real estate market towards South Korea is very fragmented, which means people often have to cooperate with dozens of brokers before these types of find a new home. Established in 2020 by a ex – WeWork executive, Dongnae wants to create a centralized base for brokers, serving as a multiple listing system (MLS). Since its < a href="https://techcrunch.com/2020/12/29/dongnae-raises-4-1-million-to-digitize-real-estate-in-south-korea/"> first seed round 2009, Dongnae has increased its broker partners to more than 75. Today the startup televised it has raised a seed extension of $4. just 1 million, doubling its entirely raised to $8. 6 million.
This funding was led when investment fund NFX, for participation from returning property investors Flybridge and MetaProp, who actually led Dongnae’s first fruit round. NFX general principle partner Pete Flint, who co-founded Trulia and is a former Zillow board member, will sign up Dongnae’s board. The startup’s other investors include Goodwater Capital, Maple VC & strategic angel investors all the way through South Korea and the The usa.
“It’s the time of growth at our company, and we want to make sure that we live executing our go-to-market structure, ” founder Matthew Shampine, who formerly ran WeWork Asia, told TechCrunch of the seed extension. “Pete Flint and [principal] Brittany Yoon at NFX bring an amazing combination of real estate expertise and Korean start-up experience that will be invaluable so that you can Dongnae. ”
Dongnae will announced the release of its Mobile app today. The company’s Android and iOS apps if you’ll allow potential renters and men and women look at listings and guide tours of properties in the Seoul metropolitan area.
Shampine said that Dongnae now has more than 8, 000 positions. Since its last funding launch five months ago, Dongnae has increased its closed offer volume by more than 65% and revenue by 150%.
Shampine sum up that the new funding be used to grow Dongnae’s brokerage internet across the Seoul metropolitan destination, which accounts for almost 50 % South Korea’s population, and finally the development of its technology furthermore brokerage teams.
“At the time of our seed products funding, we had just announced our brokerage partner tv show so we actually had solitary partner. The name of our primary partner is Global Condominiums, based in Yongsan, and they was actually the brokerage it helped me find my personal apartment around the time we set about Dongnae, ” said Shampine. “They’ve been a wonderful as well as , patient partner as our organization has grown this year, and we possess already worked together when helping a number of our customers seek out great homes. ”
In a statement, Flint said, “The executive unit at Dongnae is specifically qualified considering their general backgrounds and deep lieu real estate expertise, and I trust the timing is perfect for Dongnae and the market need these penile enlargers addressing in Korea. ”