Prominent investors from banks, including UOB and CIMB took part in the funding
Malaysia-based property portal The Edge Property has raised US$4 million from prominent investors in the banking sector, including UOB chairman Hsieh Fu Hua and CIMB chairman Dato Sri Nazir Razak.
Other participating investors include Fushia Investments, Vice President Of Asean Systems at Oracle Peter Goh; and Malaysian businessman Tan Sri Wan Azmi Wan Hamzah.
The startup will use the newly-raised capital to expands its reach and optimise the platform’s features.
Bernard Tong, managing director of The Edge Property Singapore, said that many millennials face difficulties finding the right homes; so in the coming months, The Edge Property will be rolling out products to tackle this issue.
“There will be tremendous opportunity for The Edge Property as a tech-enabled media company to play a bigger role in this space. Property transactions topped $88 billion last year in Singapore and Malaysia combined, and technology-enabled transactions have barely scratched the surface,” said Tong.
Alvin Ong, the Director of Product and Business Development for The Edge Property said that it will be leveraging technologies such as machine learning to create a tailored experience for specific users groups — “from first-time home buyers to seasoned investors and property developers.”
The Edge Property was launched in 2015. To date, it has over 600,000 users across Singapore and Malaysia.
While the official press release stated that The Edge Property has a few “first-to-market” features, the startup will still have to face heavy competition — the tech real estate sector has many high-profile incumbents.
These include ASX-listed iProperty — which has over half a billion in funding — and Singapore-based PropertyGuru, which has raised over US$150 million.
—
Image Credit: The Edge Property
Want to be part of the ecosystem?
Register for your Echelon Asia Summit access pass now! Enjoy +10% off Echelon Asia Summit Startup, Investor and Corporate passes just for being our favourite e27 reader.
The post Malaysian real estate portal The Edge Property raises US$4M to help millennials find homes appeared first on e27.