Dongnae, an online real estate platform based in South Korea, announced on 20/05/2021 that it raised USD 4.1 Million in the seed funding round. The funding round was led by NFX with the participation of MetaProp and Flybridge.
MetaProp and Flybridge backed the company in its first seed round too. The other investors of this startup are MapleVC and Goodwater Capital.
After this investment, NFX’s general partner Pete Flint will be joining as a board member of Dongnae.
The company has also announced the launch of its Android app. It’s IOS, and the android app will let the customers search and list properties and also let them book a tour for the properties in the Metropolitan Area of Seoul.
Words from the investor –
The General Partner, NFX, Pete Flint, said, “The executive team at Dongnae is uniquely qualified considering their global backgrounds and deep local real estate expertise, and I believe the timing is perfect for Dongnae and the market needs they are addressing in Korea.”
Dongnae was founded in 2020 by Matthew Shampine, having its headquarters in Seoul, North Korea. It aims to develop a centralized for brokers who are providing service as a multiple listing system (MLS).
The company’s platform serves as a digitizer for the rental and home buying market. It assists users to find a house according to their needs, purpose and budgets. It also provides a service to find transport from the residence to work with the help of brokers, enabling customers to save energy and time on finding a place to live.
Words from the Founder –
On this seed fundraised, the Founder of Dongnae, Matthew Shampine said –
“It’s an exciting time of growth at our company, and we want to make sure that we are executing our go-to-market plan; Pete Flint and [principal] Brittany Yoon at NFX bring an amazing combination of real estate expertise and Korean startup experience that will be invaluable to Dongnae.”
“At the time of our seed funding, we had just launched our brokerage partner program, so we actually had one partner. The name of our first partner is Global Real Estate, based in Yongsan, and they were actually the brokerage that helped me find my personal apartment around the time we started Dongnae. They’ve been a wonderful and patient partner as our organization has grown this year, and we’ve already worked together to help a number of our customers find great homes.”
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