Citics, a Vietnamese online real estate platform, announced today it has raised US$1 million in a pre-series A round from a group of international and domestic investors.
The investors include Vulpes Investment Management, a seed investor in Singapore-based unicorn PropertyGuru, Nextrans and TheVentures.
Previously, the startup has raised US$700,000 from multiple angel investors, many of whom also participated in this round.
The startup plans to use the new funds to further develop its proprietary SaaS and DaaS products, as well as expand its footprint across Vietnam.
Citics was founded two years ago by Tran Minh Long, a real estate veteran and former CEO of real estate broker Cen Group’s Southern Vietnam region.
By digitising and centralising many fragmented data sources, Citics aims to build a comprehensive real estate data platform “to power trustworthy, speedy, and seamless real estate transactions that include real estate valuation, sales-purchase, lease and mortgage.”
Its first product is a Data-as-a-Service offer that banks use to validate the value of real estate employed as collateral for loans.
By using a proprietary valuation map, bankers can now check the details and preliminary values of properties with just a few clicks. The official valuation report is completed within three hours, equal to only one forth the time it takes other valuation services.
More importantly, Citics Valuation enables banks’ risk department to control mortgage risks related to property values and locations by digital price map technology.
Currently, Citics has data of more than nine million properties across Vietnam and has estimated values for nearly four million of them and growing, as per a press release.
Since launching its product in early 2020, Citics claims to have been able to sign contracts with 10 banks and achieved a monthly growth rate of more than 30 per cent.
Image Credit: Citics.
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