Vietnam’s online real estate platform Citics has raised US$1 million in a pre-series A round from Vulpes Investment Management, Nextrans, and TheVentures.
Founded in 2018, Citics aims to build a “comprehensive” real estate data platform in Vietnam by digitizing and centralizing data sources to help in real estate transactions, including real estate valuation, sales-purchase, lease, mortgage, among others.
It offers a data-as-a-service solution for banks to validate the value of properties that are used as a collateral for loans. Bankers can check the details and preliminary values of properties on the platform.
It also enables banks’ risk department to control mortgage risks related to property values and locations by its digital price map technology.
Since launching the product in early 2020, Citics claims it has signed contracts with 10 banks and achieved a monthly growth rate of more than 30%.
It also claims to have data of more than 9 million properties across the country and has estimated values for nearly 4 million of them.
With the fresh fund, the proptech startup plans to expand its valuation service to more than 30 cities across Vietnam, as well as digitize real estate data of 20 cities to create a database of more than 18 million properties.
Citics was founded by Tran Minh Long, the former CEO of Cen Group in charge of its business in Vietnam’s southern region. Cen Group is a local real estate corporation in Vietnam, providing services ranging from brokerage to real estate valuation and property investments.
Previously, Citics secured US$700,000 in investment from angel investors.