Venture capital (VC) investment in property technology (proptech) reached record levels last year. In H1 2021, VC funding totaled US$9.7 billion, suggesting that 2021 could be the biggest year yet for the growing proptech industry with funding on target to exceed US$20 billion, data from JLL show.
In Asia Pacific (APAC), China has so far attracted most of the funding activity, the research found, raising a total of US$16 billion since 2010 out of the US$97 billion poured into the sector globally. Out of China, India, Australia and Singapore are the other principal markets for fundraising in APAC.
With the proptech industry rapidly evolving, we take a deep dive today into the Singaporean market, identifying some of the hottest proptech startups to watch closely in 2022.
PropertyGuru Group
PropertyGuru Group is a pioneering proptech company from Singapore that operates across Southeast Asia. The company runs an online real estate search portal that connects some 52 million property seekers monthly to more than 57,000 agents through over 3.3 million listings.
Founded in 2007, the group is a high-growth tech company with a robust portfolio of leading property portals across its core markets company. It operates award-winning mobile apps, a high quality developer sales enablement platform named FastKey, a mortgage marketplace called PropertyGuru Finance, and runs a host of other property offerings including awards, events and publications across Asia.
In July 2021, PropertyGuru Group agreed to merge with blank-check company Bridgetown 2 Holdings. The combined company is set to have a market value of around US$1.78 billion, according to the company.
Ohmyhome
Founded in 2016, Ohmyhome is an award-winning startup that offers a full-fledged property platform covering every stage of the property journey – from search, self-listing, agent service, mortgage and conveyancing, to renovation and even moving services. The company also facilitates cross-border buying and selling of properties across its three markets, namely Singapore, Malaysia and most recently, the Philippines.
Ohmyhome claims its database handles around 175,000 transactors per month, allowing it to secure stronger prices and speed for its customers’ property transactions.
In August 2021, the startup raised US$5 million in a Series A+ round at a US$45 million valuation. It said it will use the proceeds to enhance its data-matching technology, and plans to raise a Series B round this year.
MetroResidences
MetroResidences is a leading tech-driven accommodation platform in Asia Pacific (APAC) offering apartment rental and management services through its platform for individuals, families and business travelers. MetroResidences’ accommodation types include serviced apartments, standard residential apartments, hotels and co-living spaces.
As of 2020, it offered more than 4,000 accommodation listings including over 1,000 self-contained apartments and hospitality property, as well as 800 residential rental listings for long-term stay.
In 2021, MetroResidences launched its first hospitality brand, Hotel Kith in Sydney, Australia. Other locations it operates in include Singapore, Japan, Hong Kong and Malaysia. Most recently, the company rolled out new features to provide users with a fully digital rental experience.
Spaceworx
Spaceworx is a young startup that launched last year a business-to-business (B2B) proptech marketplace for smart solution sourcing and their lifecycle management.
The Spaceworx platform allows businesses to compose their own smart spaces with the help of an ecosystem of building blocks, including pre-integrated products, preconfigured automations, and expert service providers. The company aims to expand its offerings to categories such as insurance, security, utilities, electricals, and furniture, among others.
Spaceworx, which is available to the Singaporean and Malaysian markets, said it has onboarded more than 400 products and 110 automation solutions onto the marketplace, including partners such as WasteHero, MapsPeople, MicroEngine, and Visioglobe.
Sparceworx emerged in 2019 from a partnership between Eutech Cybernetic and DP Architects. The collaboration focused on delivering a pilot implementation of Spaceworx.io for CapitaLand under a grant award from the Singapore Infocomm Media Development Authority’s (IMDA) Call for Innovative Solutions (CFIS).
The Great Room
Founded in 2015, the Great Room is a provider of co-working spaces, offering dedicated desks, private offices, private desks, and more. Some of the amenities provided include WiFi, meeting rooms, conference rooms, virtual office, and mail handling services. The company earns revenue through monthly membership plans.
First established at One George Street in Singapore, the Great Room has since expanded into Bangkok (Gaysorn Tower) and Hong Kong (One Taikoo Place). The company has inked partnerships with the likes of Singapore Fashion Week, EY, Singapore Repertory Theatre, Hendrick’s Gin, Lo & Behold, Tiffany & Co, and has raised US$29 million in funding so far, according to data from PitchBook.
