Vietnam-based proptech startup Citics announced in March 2021 that it has raised US$ 1M in a pre-Series A round from Vulpes Investment Management, a seed investor in Singapore-based unicorn PropertyGuru, Nextrans and TheVentures.
The startup plans to use the proceeds from the funding round to improve its exclusive SaaS and DaaS products further and magnify its reach across Vietnam.
Tran Minh Long founded Citics in 2019. He is a real estate veteran and ex-CEO of real estate broker Cen Group’s Southern Vietnam region.
Citics’ goal is to build a wide-ranging real estate data platform by digitising and unifying many fragmented data sources to bring about responsible, speedy, and smooth real estate transactions that include real estate valuation, sales-purchase, lease and mortgage. Its first solution is a Data-as-a-Service product that banks use to authenticate real estate value given as collateral for loans. Using a patented valuation map, bankers can now check the particulars and initial values of properties with just a few clicks. The authorised valuation report is completed within three hours, equal to only one-fourth of the time it takes for other valuation services. Additionally, Citics Valuation allows banks’ risk department to control mortgage risks associated with property values and locations by digital price map technology. Presently, Citics has data of over nine million properties across Vietnam and has estimated values for nearly four million of them, according to its press release. Generally, in Vietnam, appraisal companies must have at least five years of experience qualified to provide valuation services according to banks’ standards. But with Citics’ self-established ground-breaking database and technology, Citics is now providing online real estate valuation services to 10 banks in Vietnam within a year of product launch. In the middle of the Covid-19 pandemic, the startup still records monthly revenue growth of over 30 per cent by 2020.
Mr. Tran Minh Long, Founder of Citics, said: “With the new capital, Citics aims to expand valuation services to more than 30 provinces in Vietnam. The company also plans to digitise real estate data of 20 provinces, bringing the total real estate data to more than 18 million, of which 8 million properties have full estimated value”.
Previously, the startup had secured US$ 700K from multiple angel investors, many of whom also participated in this round.
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