Citics, a Vietnamese online real estate proptech startup recently announced that they have received a funding of $1.3 million in a bridge round ahead of a Series A funding that is planned next year, according to media reports. Local real estate developer BHS Group and current investor Vulpes Investment Management were two primary investors and the funding will be used to expand its presence in 25 provinces and cities in Vietnam.
Another portion of the funding will be used to improve Citics’ platforms and technologies so that it can provide better service to its banking partners. With the help of the latest funding, the company expects to deploy its Citics Valuer mobile app and a new version of its real estate valuation platform Citics Valuation in December this year. This app will allow lenders to collect property facts and preliminary valuations in just a few clicks. It will also help banks to assess mortgage risks and reduce execution time to less than three hours, or one-fourth of the customary period.
Founded in 2018 by Tran Minh Long, Citics is a data platform that supports real estate transactions such as real estate appraisal, sales-purchase, lease, and financing. The company claims to use big data and algorithms in their evaluation service along with covering real estate, moveable property, and investment projects, as well as actual property surveys.
At present, Citics has over 12 million real estate data, over two thousand projects, and 1.4 million transaction records. Since its inception, the company has grown into 25 provinces and cities across Vietnam. Citics has also formed eight new collaborations and currently has 17 cooperative banks in its portfolio, including local banks like VIB, HDB, Sacombank, and Shinhanbank.