Brief: Malaysian property management startup snaps up funding

Photo credit: Sean Pavone / 123RF.

Malaysia-based iResidenz is an online property management platform that connects property owners, managers, and tenants. Tenants can use the portal to access bills, make payments, book facilities, and submit complaints. Meanwhile, property owners and managers are given access to real-time reports and an automation feature for select administrative tasks.

As a part of its user acquisition campaign, the platform employs a freemium model, without any subscription or setup fee. It generates revenue mainly through its payment gateway services, where users are charged US$0.76 each time an online payment is made in the platform.

Competitors: Pegaxis, GuestReady, Yardi, Skyline

How it compares to competitors: iResidenz claims to provide value-added services to tenants. Tenants can book on-call doctors, home improvement services, as well as laundry pick-up.

Traction 

iResidenz now has 55 condominiums across Klang Valley, Johor, and Sabah accessible on its platform, with 100 more said to be on the pipeline. In June, the total amount of transactions made on the platform hit US$234,000. The startup also plans to expand into Penang, and aims to get 1 million users by 2020.

Funding Details

Amount raised: Undisclosed
Funding stage: Pre-series A
Investor: Interbase Resources
Investment type: Equity
Purpose: Market expansion, product development, and team growth
Total disclosed funding to date: Undisclosed