Vietnamese proptech startup Rever receives US$2.3 million from GEC-KIP Fund

Thu Sep 5, 2019 - 9:57am UTC
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05/09/2019 – Singapore’s Golden Equator Capital and Seoul-based Korea Investment partners poured in US$2.3 million on Vietnamese proptech startup Rever. Rever last received a US$4 million injection from Vietnam focused VinaCapital Ventures in June.

The US$88 million joint venture fund, called GEC-KIP Technology and Innovation Fund (GEC-KIP Fund) was set up in July 2018. Targeting series-A and series-B funds in the Southeast Asian region. Other players in the region include Jungle Ventures, Golden Gate Ventures, Monks Hill Ventures, Venturra Capital, Insignia Venture Partners.

Following the investment, the Ho Chi Minh based startup will be reinforcing and expanding its presence into other key cities, such as Hanoi, by opening 30 experience centers in 18 months. To become the leading hybrid real estate agency in Vietnam, Rever will also be sharpening its operations, technology, and valuation engine to provide a better customer experience.

Founded by Phan Le Manh in 2016, Rever’s platform currently boasts 7,000 agencies and more than 100,000 part-time agents. Notable real estate developers on the platform include Keppel Land, Capitaland, and Vingroup.

The startup’s digital real estate platform provides brokerage service to facilitate the process of buying, selling and renting real estate, powered by modern technologies and commodity consultants.

Synclare Kim, Executive Director at Korea Investment Partners, was reported to be joining Rever’s Board of Directors following the investment.

“The diverse background of the founding team at Rever and their extensive experience at some of the country’s largest tech players such as VNG and Grab, gives us confidence that the management is well-positioned to continue ramping up growth rapidly. We are looking forward to an exciting journey ahead with the team,” Kim commented.

The Vietnamese company reported to have generated over US$1.5 million in revenues in 2018 and covered more than 1,000 transactions year-to-date.

This news is published on Reuters.

Lo Jia Thong is a writer that writes about the latest announcements on venture capitals and startups from Southeast Asian countries.