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VinaCapital Ventures announces Rever investment

Released at: 15:32, 17/06/2019

VinaCapital Ventures announces Rever investment

Photo: VinaCapital

Online property brokerage startup raises $4mn from venture capital fund.

by Hung Cao

VinaCapital Ventures, the technology investment arm of VinaCapital, announced last week it has invested $4 million in Rever, one of Vietnam’s leading tech-enabled real estate brokerage platforms.

While there is no lack of real estate agencies in Vietnam, home buyers face an often-daunting task. Rever’s technology helps make the process a little easier and builds customer trust. The company offers price preference tools using real market data analytics, with listing tracking incorporated with interactive media. The real-time transaction management gives the most value to homebuyers and sellers, while equipping agents with a smart CRM and property database.

Aiming to become a one-stop shop for all accommodation-related needs, Rever expects to add more valuable tools and services to its platform soon, including loan brokerage, digital furniture fitting, and smart-home solutions. Rever’s roughly 400 agents will close 2,000 transactions through the platform this year.

The company hopes to play an important role in the Vietnamese Government’s initiatives to develop digital economy 4.0 by making real estate transactions in Vietnam safer and more transparent.

“This investment is consistent with our philosophy of targeting startups that are disrupting how industries operate, are operated by founders with vision and experience, and are capitalizing on the continued robust expansion of Vietnam’s economy,” said Mr. Khanh Tran, Partner at VinaCapital Ventures.

“VinaCapital is a long-time real estate investor and developer, so this investment is also very strategic for us. Rever has the potential to lead the transformation of the real estate business, from one that is still very much based on bricks-and-mortar to one that is a key part of the digital economy.”

“We are excited to partner with VinaCapital, whose experience and network will give us the resources to reach our potential in Vietnam and potentially beyond,” said Mr. Manh Phan, Co-founder and CEO of Rever. “With one of the strongest track records in both real estate and venture capital, VinaCapital is the ideal partner to help us take our company to its next stage of growth.”

Founded in 2016, Rever defines itself as a brokerage company connecting technology with brokers and a pioneer in using 3D technology to introduce housing to customers. It completed nearly 300 transactions in the first quarter, after growing more than four-fold in 2018 compared to 2017, earning revenue of more than $1.6 million.

Rever believes the application of technology in real estate brokerage will help with the search process and information comparisons, make real estate transactions faster and more transparent for buyers, and help sellers have a clearer picture of valuations, while allowing brokers to increase their performance and service quality.

Vietnam’s property market continues to expand, both in new developments and secondary sales, according to Mr. Tran. A growing middle class and demand for affordable homes should continue to drive strong market growth for the foreseeable future.

In addition to Rever, VinaCapital Ventures has also announced investments in FastGo, Logivan, Urbox, and Wee Digital.

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