Venn Korea, a New Zealand company hoping to become South Korea’s premier commercial real estate hub, has launched a crowdfunding campaign to fund the business.
Venn is seeking to raise between $100,000 and $500,000 from the sale of shares to improve its sales and operation unit as well as improve its advertising and marketing position.
The company has bootstrapped its funding up until now, and hopes to shift how tenants and buyers, and agents and owners, connect in the South Korean market.
The commercial real estate sector in South Korea comprises three major tiers: major agencies, minor agencies and direct listings. Venn Korea Co-Founders David Kim and Shaan Joshi believe there is an absence, and opportunity, in the market for a dominant listings aggregator that spans all three.
“The potential within the commercial real estate market is huge, we’re combining that with a proven business model and great technology,” said Kim, Co-Founder and Managing Director.
“Research on South Korea’s leading search engine shows over 76,000 commercial real estate listings.”
The Venn platform has been developed in Korean to provide three core services: Tenants and buyers can search for listings; Agents and owners can list property; and brands and companies can advertise within the online platform.
The pair say funds raised will support Venn’s marketing functions, build brand awareness and ongoing development, improvements and functionality of the Venn platform.
“Venn is an innovative platform and will continue to bring new and improved experiences to the market and our rapidly growing user base. We’ve already delivered a great platform with an easy to use interface,” said Kim.
“We’re even set to offer real estate agencies online profiles and tools to better support their agents. And we’ll be opening the platform to additional revenue streams based on subscription memberships down the track.”
The offer is being made through AlphaCrowd's equity crowdfunding platform and investments begin at $1000 for asset class, ordinary shares.