Thailand-based property technology (proptech) startup PropertyScout is expanding further in the country after raising $5 million in a Series A funding round led by Singapore-based venture investor Altara Ventures.
In a statement, PropertyScout said the round was also backed by Partech, Hustle Fund, AngelCental, Asymmetry VC, among others, and brings its total funds raised to date to $7.8 million.
Founded in 2020 by Mario Peng, Marco Barth, and Salita Kamnerdsiri, PropertyScout connects over 1,800 agents and agencies with buyers, renters, and owners, servicing thousands of satisfied customers every month.
The startup said it leverages its database of more than 200,000 properties, its technology platform and its centralized operations to digitize and automate 90% of the real estate transaction.
This frees up agents’ time to professionally and efficiently communicate with buyers, renters, owners and co-agents to deliver outstanding service and close transactions faster.
Providing a transparent and trusted experience, PropertyScout has quickly become the favorite go-to-place for buying, selling, and renting real-estate in Thailand, as proven by hundreds of five-star reviews.
“PropertyScout has successfully built a technology platform and scalable processes to solve this problem. After becoming the largest agency and co-broker platform in Bangkok, we now take the next step to serve all customers and agencies in Thailand through our platform,” said co-founder and CEO Mario Peng.
The fresh funds will allow PropertyScout to scale its core business model in its first market Thailand by doubling down on investments into its technology platform, creating the largest, most updated and accurate property database available to its customers and co-broker partners, growing domestically organically and through acquisitions, and preparing entry into additional markets in Southeast Asia.
The 200 staff company will continue to hire across product and software engineering, sales, property management, marketing, and operations.
The lead investor, Altara Ventures, is a Singapore based VC fund investing in early-stage tech startups across Southeast Asia. The USD 130m fund is led by Koh Boon Hwee, former chairman of Singapore Airlines, DBS Group, and Singapore Telecommunications.