Report: Korean proptech firm nets $4.1m in additional seed funding

“Since its first seed round last year, Dongnae has increased its brokerage partners to more than 70. Today the startup announced it has raised a seed extension of US$4.1 million, doubling its total raised to US$8.2 million,” TechCrunch reported.

Details:

• The financing round was led by investment fund NFX, with participation from Dongnae’s existing backers Flybridge and MetaProp. Investors including Goodwater Capital and Maple VC also joined the round.
• The fresh funds will be used to increase the proptech firm’s brokerage network across Seoul and develop its technology and brokerage teams. The funding will also see NFX general partner Pete Flint take a seat on Dongnae’s board.

Context:

• In December 2020, Dongnae raised US$4.1 million in its seed round led by Flybridge and MetaProp.
• Currently, the company has over 8,000 listings and has also seen its closed deal volume balloon by more than 65% in the last five months.