Online-to-offline real estate brokerage company Rever has bagged $10.2 million from Mekong Enterprise Fund IV (MEF IV).
|Rever raised $10.2 million from Mekong Capital |
Founded in 2016, Rever is one of the pioneering proptech companies in Vietnam that operates an online-to-offline real estate brokerage model where customers can access listings via its platform or visit its local transaction centre in tandem with in-person services from real estate agents within the area.
Rever differentiates itself by leveraging an automated system to verify its listings, ensuring what customers see (online) is truly available for purchase, thus making the homebuying process transparent for homebuyers and home sellers.
After five years, Rever emerged as one of the leading proptech companies with more than 50,000 verified listings. From a humble beginning of 200 transactions in 2017, Rever’s annual transactions grew ten-fold to 2,000 in 2020.
The investment of MEF IV will enable Rever to further strengthen its management team, its culture, and its digital transformation. As a result, Rever will have access to the resources needed to achieve its vision: to become the top proptech company in Vietnam through transforming the brokerage market.
Phan Le Manh, co-founder and CEO of Rever, said, "People usually think that cash flow is important for startups. But for Rever, what's more important is that we need a partner who believes in our vision and is willing to create space and support the team along the way to that vision. So, I believe this is the companion we need to share the big adventure ahead."
In September 2019, Rever secured an investment of $2.3 million from the GEC-KIP Technology and Innovation Fund (GEC-KIP Fund), co-managed by Singapore’s Golden Equator Capital (GEC) and Korea Investment Partners (KIP) on top of a $4 million investment from VinaCapital Ventures three months earlier.