Vietnam-based proptech startup Rever is understood to be raising $8-10 million in new funding round, according to people familiar with the matter.
KPMG Vietnam has been appointed as the advisor to run the fundraising process.
Rever last raised $2.3 million led by GEC-KIP Technology and Innovation Fund in September 2019. The startup had earlier bagged another $4 million financing from Vietnam’s homegrown venture capital firm VinaCapital Ventures.
Prior to that, the startup had also received seed funding from Le Hong Minh, chairman of Vietnamese unicorn VNG Corporation, and local firm STI Holding.
The latest fundraising effort is said to help Rever expand its market outside of Ho Chi Minh City as well as to secure partnerships with stakeholders in the real estate and financial services sectors.
Rever’s founder and CEO Phan Le Manh did not comment on the fundraising. However, he said that Rever will “continue to address the pain points of the Vietnamese property market by leveraging technology”.
“The solutions needed include the ability to synthesise and standardize market data, participate in continual training and education, and build a complete value chain with value-added services such as finance, insurance and furniture like in other Asian countries, particularly China,” he said.
Manh opined that the local market remained largely fragmented with various small brokerage companies operating in specific geographical areas.
“Vietnam has more than 300,000 brokers, but only 10% of them have a licence issued by the Real Estate Brokerage Association of Vietnam. There are too many brokers who lack proper training, which has resulted in low public confidence in the profession,” he claimed.
Founded in 2016 and initially operated as a classifieds website, Rever is building technologies and database for its listing aggregator system, property valuation and discovery engine. In addition, the company provides training to its agents through Rever Academy.
The company looks to expand into other southern provinces including Binh Duong, Dong Nai and Vung Tau. “In the secondary market, we are executing strategies to expand our relationships with property management companies, agents and financial institutions such as banks and fintech,” he said.
The Vietnamese proptech scene has witnessed a number of investments last year, including a $25-million round pumped into Propzy, co-led by Gaw Capital and SoftBank Ventures Asia, a 7-digit investment into Homebase by VinaCapital Ventures, 1982 Ventures and others, and South Korea’s Smilegate Investment backing Hoozing.