Thai proptech startup ZmyHome bags pre-series A money

Fraud is a common problem in property marketplaces, as over 90% of all listings are duplicated, fake, or outdated. Recognizing this problem, ZmyHome wants to create a “clean property platform” that lists only available properties and their actual prices, eliminating duplicate entries.

The Thailand-based company today announced that it has secured an undisclosed amount of pre-series A funding led by South Korean VC firm BonAngels Venture Partners. Existing investor KK Fund and some Thai angel investors also participated in the round.

The latest investment comes after the startup bagged US$400,000 from KK Fund in 2018. ZmyHome said it has raised a total of US$1 million to date.

ZmyHome co-founders / Photo credit: ZmyHome

Founded in 2016, ZmyHome helps sellers offer their properties directly to buyers in a neighborhood and claims that its platform allows users to sell their properties online within a month of listing.

The company also provides advisory services for location and project assessment, pricing evaluation, legal processes, and loans, among others.

The new funds will go toward improving the tool it uses to match buyers and sellers, acquiring more users, and establishing an agent service called YueYen.

YueYen, which means “happy living” in Thai, was soft launched in April. It consists of a network of 10,000 agents who facilitate property transactions in a certain neighborhood and uses technology to collect listings from owners and agents in the area and promotes them to home buyers. According to a statement, a service fee is charged when a transaction is completed, and all sellers – including agents – only pay a share of commission for every successful deal.

To date, ZmyHome has attracted 1.2 million visits per month, with over 25,000 listings sold or rented.

Despite the impact Covid-19 has wrought on the real estate market, the company said it still sees the opportunity for firms to use technology to remodel the traditional sector. As buyers spend more time online, ZmyHome claims to have served over 100 enquiries within a month, with traffic growing by 30% month over month since March.

Other proptech players in Thailand include Hipflat and Horganice, which is backed by Beacon Venture Capital, the corporate VC arm of Kasikornbank. There’s also DDProperty, which was acquired by Singapore’s PropertyGuru in 2011. PropertyGuru itself said it grew its revenue by 24% last year, but expects a slowdown in 2020 due to the pandemic.