PropTech Funding Roundup: Cove, FOIP, EasyKnock, GoFlint, Rukita

While the average value of this week's proptech fundraising roundup hovers around the $3M mark, one of today's featured startups raised a massive $28M round in a Series D raise, while there also appears to be a promising marketplace emerging in Indonesia...

Singapore-based co-living startup Cove raises $3.3M

Co-living specialist startup Cove has raised circa $3.34 million in convertible notes from existing investors—in other words, investors are loaning cash to Cove, but instead of charging interest on the loan, investors can instead convert the debt into equity in the business.

Founded in 2018, Cove offers 200+ managed properties and 900+ rentable units in Singapore and Indonesia that are fully furnished and complete with communal areas, free amenities and flexible contracts. Cove's listings are offered on a three-tier basis (Cove Luxe, Classics, and Basics) for student hostels and corporate housing.

Indian startup FOIP raises $2.8M

Indian PropTech startup FOIP (Fractional Ownership Investment Platform) has raised 230 million rupees (USD 2.77 million) from block investors to invest in office spaces.

Aankush Ahuja, founder and CEO at FOIP, said:

"The aim is to democratize access to value assets with a smaller ticket size with better return. We are looking for only 100 crore investment raise in the first year of our operations. We hope to meet our target with more value deals soon."

FOIP will use the funds to invest in a major commercial project called NEO Square in the city of Gurugram, where up to 18,000 sqft of office space is available on a 2.75-acre development.

Anand Anand, CEO at NEO Square, said:

"FOIP has helped us in reaching out to right investors in a quick span and achieved the agreed numbers. We hopefully will be able to meet our commitments and generate value for existing investors in the project."

EasyKnock completes $28M Series D funding

EasyKnock, the U.S.-based home equity solutions FinTech, has raised $28M to develop its platform and expand its suite of products and services. Northwestern Mutual Future Ventures led the round among other new and existing investors.

EasyKnock offers qualified homeowners alternative ways to convert their home equity into cash as well as buy, sell or finance their property.

The startup also appears to offer its own version of an iBuying product, whereby EasyKnock can transact on a property within six weeks.

Jarred Kessler, CEO and Founder at EasyKnock, said:

"Our driving mission - empowering families with financial flexibility and control—is bolstered with this capital investment. Like the EasyKnock team, our distinguished group of investors recognize the critical need for countless American homeowners to improve their financial well-being.

We’re proud to have Northwestern Mutual on board, as this round will enable us to turbocharge our product development and expand the ways we support our customers in the very near future."

EasyKnock made three major acquisitions in 2023: "power buyer" Ribbon Home in May, home management platform Onder in September, and sale to lease-back provider Balance Homes in December.

Indonesian rental specialist Rukita raises $15M

Affordable rentals marketplace Rukita has raised a $15M series B1 funding round to drive growth. New investors in the company include MPower Partners, BNI Ventures, and Openspace Ventures.

Rukita is EBITDA positive after just four full years of operation and already manages over 1.4 million rooms.

Sabrina Soewatdy, Chief Executive Officer at Rukita, said:

"We are thrilled to have the support of our investors, both existing and new, who share our vision for the future of proptech in Indonesia and Southeast Asia.

“This funding marks a significant step forward in our journey to redefine the real estate landscape and drive accessibility to quality housing for different lifestyles and life stages."

Rukita combines 360 services for the housing market through a dynamic tech platform and turns the relationship with customers and landlords from a transactional one to a long-term engagement.

Rukita acquired the room rental marketplace Infokost in March 2022.

French Proptech startup GoFlint raises €2.8M

GoFlint has raised €2.8M from existing investors, less than a year after announcing a €1.3 million pre-seed.

GoFlint, the first eco-responsible platform dedicated to the distribution of ads by real estate professionals, says it wants to have 50% of real estate professionals in its network by the end of 2024.

GoFlint is free-to-list for agents, and its portal occupies a hyper-modern niche that prioritises travel time as a search function and offers a wide range of adjacent services for agents and users including administrative help, furniture discounts, and energy deals.

The startup invests 3% of its turnover into overcompensating its carbon footprint and has also collated a wide range of real estate guides specifically for consumers to educate themselves on eco-renovation and investing in optimal properties, making GoFlint the go-to destination for green-minded buyers and sellers in France.