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Proptech startup Rsquare secures USD 72 million in Series C funding

Author : Pankaj Singh | Published Date : 2021-11-15 

Korea-based proptech startup Rsquare has reportedly raised USD 72 million in Series C funding round led by STIC investments, bringing the firm’s valuation to around USD 95 million.

According to Rsquare CEO, JohnWoo Lee, the firm plans to use the funds to advance its AI-based proptech platform, accelerate its commercial building transaction and fulfillment center brokerage service, and hire 400 people by next year.

The company further wants to invest in the proptech industry in South Korea as well as Southeast Asia, including countries such as Singapore, Vietnam, and Indonesia, Lee added.

Over the next two years, Rsquare will concentrate on growing its business and expanding into new international markets, as per Lee.

For the uninitiated, Rsquare has created a data-driven platform to digitize the process of finding and renting commercial spaces, allowing tenants to easily compare numerous properties and pick an office.

The company made USD 55.2 million in revenue in 2020 and garnered a staggering USD 85 million in the preceding eight months. According to Rsquare, its revenue will double by the end of 2021 as compared to last year owing to easing of COVID-19 lockdown restrictions.

The startup claims to have gathered data on over 120,000 commercial buildings in 50 areas around South Korea, as well as roughly 10,000 commercial premises in Vietnam. It claims that its real-time database delivers detailed information and saves more than 50% of time and money compared to traditional commercial brokers.

It is worth mentioning here that Rsquare was founded in 2009, debuted its office brokerage service in 2015 to assist startups in finding office spaces, and has subsequently expanded its platform to support both SMEs and larger organizations.

After raising USD 3.8 million in its Series B round from Yahoo Japan Capital and SoftBank Ventures Asia in 2016, it also established a wholly-owned subsidiary, Rsquare Design, which specializes in providing office interior design services.

 

Source Credits: https://techcrunch.com/2021/11/14/korean-proptech-startup-rsquare-raises-72-6m-series-c-to-accelerate-its-new-business/

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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