Thailand-based proptech startup FazWaz has raised an undisclosed amount of capital in a funding round held in December 2020, led by serial investor and Online Marketplaces Chairman Simon Baker through CAV Investment. Other participants in the funding round include 500 TukTuks, Aries Capital (Indonesian family fund) and Alpha Founders Capital.
Proceeds from the funding round will be used by the startup to invest in marketing, data and technology that will eventually increase FazWaz’s brand awareness and grow its market share.
It is also very interesting to note that the startup has been 100% bootstrapped (meaning, growing a startup with no venture capital or outside investment, solely from one’s own savings) in the first four years of its operations.
Founded in 2015 by Brennan Campbell, Michael Kenner and Paul Trayman, FazWaz is a real estate platform that provides brokerage services to simplify the process of buying, selling, or renting a property. The startup’s aim is to make buying a property as easy as booking a holiday. It claims to be serving over 500,000 customers per month and is among Thailand’s top three property websites. It recently launched in Cambodia in the month of November (2020) itself.
Co-founder Brennan Campbell said that we live in an on-demand, digital-first society where users want easy access to products and services at the click of a button. The proptech industry is no different and users are demanding a better online search and offline service experience. He concluded by saying that as a mission-driven business, the funding and expertise obtained with this round of investment move the startup closer to its goal of empowering users to make more effective and well-versed real estate decisions.
Co-founder Paul Trayman said that the COVID-29 pandemic has been a huge catalyst in terms of encouraging customers towards digitization. He also disclosed the startup’s plans to launch Thailand’s first instant AVM (automated valuation model) that will provide an instant and precise estimate for a property online within a few seconds. He stated that 20% of the startup’s sales last month were finalized between the buyer and seller without using a real estate agent and that he expects this number to significantly increase as the team implements more technology, process and data.
He was quoted to say, “Next month we are launching Thailand’s first instant AVM which will provide real guidance to buyers, sellers and developers on what price they should be buying or selling a property for, as this is a major pain point and on-going issue in emerging markets like Thailand.”
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