Malaysia-based proptech startup NEXPlatform has raised RM775,000 ($189,000) from Cradle Fund via its Direct Equity 800 (DEQ800) investment programme, it said in a statement on Friday.
The startup will use the fresh capital to upgrade its platform and service, and for team and market expansion.
This is the first external funding for NEXPlatform, which brings together property developers, real estate agents, solicitors and bankers on a common digital platform to facilitate the property lifecycle from pre-sales to after-sales services.
“Currently, there are more than hundreds of property projects listed on our platform, which including the reputable and big scale developers in Malaysia. Also, there are over 5,000 users with at least 30,000 property transactions have been carried out through our solution to date,” said NEXPlatform co-founder Alvin Chooi.
The startup claims that it has successfully increased its clients’ leads follow-up action by 74 per cent, reduced marketing material cost by 40 per cent and accelerated loan turnaround time by 30 per cent.
“The desire to migrate from the traditional way of doing things has been sporadic at best. We believe NEXPlatform is offering the right solutions to empower the local property industry and we are excited to be part of this journey with them. As the technology continues to become more ubiquitous, you can expect home buying to never be the same again,” said Cradle Fund chief investment officer Juliana Jan.