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Proptech Startup Rever raises US$2.3 Million

Vietnam-based Rever secures a US$2.3 million fund from investor Golden Equator Capital (GEC) and Korea Investment Partners (KIP).

Rever is a technology company operating in the field of Real Estate. The company develops an online real estate distribution system based on the map, providing the perfect brokerage service, creates a smart and high-performance process of buying, selling, renting real estate, based on a combination of modern technology and community consultants.

Rever was founded by Phan Le Manh, former marketing director at Zalo, Nhat Minh Phan and Vo Thang Loi, in 2016.  It works alongside Vietnam real estate developers like Keppel Land and Khang Dien. Rever proptech company also operates centers allowing clients to meet professional agents that handle all the requests and inquiries.

The funding was led by GEC-KIP Fund, a Singapore-South Korea joint fund. The funding comes after VinaCapital Ventures announced that it invests US$4 million in Rever.

Rever plans to use the fund to further expand its service across Vietnam. According to the company, they plan on opening 30 additional centers within the next 18 months, including Ho Chi Minh City to Hanoi. The fund will also help further develop the technology, valuation engine, recruitment drive of Rever for better customer experience.

“Real estate markets globally are seeing major shifts from the traditional way of transacting to more tech-enabled ways. Technology has enabled agents to serve more clients and more efficiently, helping buyers make the property selection and purchase process safer and helping sellers make the valuation and asset transfer process more expedient. With our investors’ support and network, we are well-poised for a more accelerated growth this year and become the market leader in Vietnam,” Nhat Minh Phan, co-founder and CFO of Rever said.

Meanwhile, Synclare Kim, Executive Director at Korea Investment Partners will be joining Rever’s board of directors to support the company.

“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,” said Kim.

The funding marks GEC-KIP Fund’s second investment into proptech after Singapore’s Ohmyhome.