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Riku Tanaka
May 22 20:17

Vietnam’s real estate app Hoozing receives Smilegate backing

Hoozing, a Vietnam-based startup with plans to create a "real estate supermarket," has reported that it has received an undisclosed amount of funds from South Korean VC Smilegate Investment.
Originally established in 2015, Hoozing runs an online platform where clients can discover and rent long-term housing. With a community-based model, clients can find accommodation that will soon become available as from current tenants announce that they are planning to move out.
The firm said it means to digitalize the real estate market in Vietnam to make renting transparent, accessible, and worry-free. In any case, the company also recognizes that individuals are currently trying to save their money as opposed to spending it on property during the pandemic.
“However, the trend of digitalizing property transaction is on the rise, and Hoozing will use the fund to design the tech platforms to help the market with this demand,” the company said.
Hoozing is in the process of releasing their mobile application, which utilizes the company's database and real estate network to help property owners and renters find the best deals. The app will unite over fifty thousand properties and seven thousand specialists from the Hoozing ecosystem, as indicated by an announcement from the firm.
With Hoozing’s application, clients can search, perform online visits, get access to additional information from real estate agents and market data analysis. The platform will also have additional features, for example, a smart search, 3D views of properties, and a smart price comparison.
The firm said it plans to extend its reach in Ho Chi Minh City and concentrate on places where there's genuine client demand.
Before the most recent backing from Smilegate, Hoozing received seed funding from Southeast Asia-focused VC firm Expara Ventures. It was also hosted on the TV show Shark Tank Vietnam in 2018.
In 2019, another proptech firm, Rever, secured US$2.3 million in a funding round led by GEC-KIP Technology and Innovation Fund. The startup, which is also sponsored by VinaCapital Ventures, means to extend across Vietnam as well, initially focusing on key markets such as Hanoi.