CoAssets, South East Asia’s first real estate crowdfunding site, would like to welcome Dr Jeffrey Chi Ph.D. as a mentor and private investor.
Dr. Chi is currently the Vice Chairman of Vickers Venture Partners. He is also the Chairman of the Singapore Venture Capital Association and his experience covers a variety of industries including information technology, healthcare and media.
“Dr Chi has been mentoring us in his personal capacity since CoAssets started last year. To a large extent, the good traction and response we are seeing today is a result of his strategic guidance. After many months of mentoring us, we are very happy to have him on board as a private investor,” said Dr Seh Huan Kiat, Chief Technical Officer of CoAssets.
“Dr Chi is a very well regarded member in the venture capitalist community and he is known to be an astute businessperson. From the business standpoint, we are encouraged that Dr Chi has decided to be one of our shareholders. This reinforces our belief that the whole crowdfunding movement, not just for real estate, is gradually gaining recognition and momentum in the region,” said Mr Getty Goh, Chief Executive Office of CoAssets.
At present, CoAssets is incubated by Expara IDM Ventures Private Limited, an early stage venture capitalist firm based in Singapore, and funded by the National Research Foundation of Singapore through the Interactive Digital Media Programme. As part of the funding arrangement, Mr David Ng, a finance industry veteran, sits on the board of directors for CoAssets.
“As the saying goes, ‘no man is an island’, and this is definitely true for startups. With all the help that we are getting, we are starting to see our efforts yield results. A good example was at a recent event that CoAssets put together for a UK developer on 24 Apr 2014. During the event, the developer was able to secure pledges of more then S$700,000 within an hour – which goes to show the potential of what real estate crowdfunding can do. CoAssets is a targeted leads generation site and part of what we do is to put together networking events where developers can get to directly meet with funders. We do not get involved in the fund raising and no monies come through us. Beyond the event, the developer will have to meet up with the funders to go through the legal paper work, due diligence, etc. But the strong response is an encouraging sign and it is testimony to the support and advice that mentors like Dr Chi, Mr David Ng and the Expara team have been giving us,” added Mr Goh.
“In terms of future plans, we are in the process of scaling the business. We are starting to get more opportunity providers to come to us and we need to grow the team as well as the user base to keep up with demand. The real estate crowdfunding market is a very new area and there are definitely many growth opportunities. We are in the process of raising more funds to bring CoAssets to the next level and, hopefully, we will be able to find even more suitable partners and investors to work with.” said Dr Seh.