Thailand-based proptech company FazWaz, announces that it has raised an undisclosed seven-figure pre-series A funding led by a Singaporean group, as reported in local news site The Thaiger.
FazWaz Group said it will use the funding to expand its market share in Thailand and to continue its overseas expansion into the United Arab Emirates (UAE).
FazWaz was launched in 2015 and offers a platform for simplified real estate transactions.
FazWaz utilises real-time market data combined with experienced local agents, matches buyers, and renters with what property they are looking for. The property offered is showcased in in-house-produced ad videos, available under search by price, location, and map.
CEO Brennan Campbell shared his take on proptech industry: “The real estate ecosystem in emerging markets is rapidly changing. The majority of proptech companies do very little to add value to the end consumers of real estate and most are too focussed on squeezing advertising revenue from agents and developers alike.”
Also Read: Thailand’s FazWaz is strapping for machine learning future in property tech
FazWaz said that its consumer-first approach resulted in an end-to-end technology platform that services agents and their clients through every step of the real estate journey.
Paul Trayman, the Chief Operating Officer of the group, also highlighted that the expansion into the UAE is a natural movement for FazWaz.
“The development of consumer-focussed proptech in such a transactional market has been limited, and we believe the huge potential exists for companies with our proposition,” said Trayman.
FazWaz claimed that Series A fundraising round is already in motion. The company looks to raise US$5 million towards the start of 2020.
Besides UAE, FazWaz already had presences in Cambodia, Philippines, Malaysia, Singapore, and Vietnam.
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Image Credit: FazWaz
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