Philippines: 500 Startups-backed property solutions firm Qwikwire raises fresh funds

Manila Bay (visual from Pixabay)

500 Startups-backed Qwikwire, a cross-border property solutions platform in the Philippines, has raised an undisclosed amount in its latest fundraising round, led by First Asia Venture Capital and Cerebro Labs.

Qwikwire said, investors from the US and Japan also joined the round, which is the biggest financing to date for the cross-border property solutions provider.

“The latest funding comes from investors in the real estate industry. Their experience, knowledge and most importantly, network, will be invaluable to our business in the years ahead,” Qwikwire founder and CEO Ray Refundo told DEALSTREETASIA.

The company, which has already raised over $460,000 previously from 500 Startups, JFDI, and Manila Angel Investors Network, said it will use the funds to further expand its operations overseas.

Qwikwire is a Delaware Corporation but mainly runs its operations in Manila.

Founded in October 2013, Qwikwire intends to reduce or eliminate reliance on intermediaries such as agents, brokers, and other marketing channels and connect customers and buyers directly to property developers for real estate deals in the global market.

It will be launching AQwire, a blockchain powered multi-listing platform, to help brokers and property developers sell their units to foreign buyers.

The platform is considered a DApp or decentralized application as it will be built on top of the blockchain technology. It is also seen to be the first of its kind in the Philippines and one of the first ICOs in the country.

The company targets to raise $9.9 million in an ICO crowd sale on March 26 with a pre-sale event happening on March 12.

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