In a move to expand its product offerings and enter new markets within Southeast Asia, AQWIRE has successfully raised US$2.1 million in a Series A funding round, led by Spiral Ventures.
The proptech company had actually raised more but declined the extra amount over concerns on further dilution. However, the company is expecting another US$2 million in venture loans.
Ray Refundo, CEO and Founder of AQWIRE, explained:
“We decided to raise less equity as the company has been profitable since 2019, generating US$1.7 million in revenue.”
He also explained that the company is expecting to end 2020 with a 50% increase in annual revenue with plans to triple that in 2021.
AQWIRE is a Philippino proptech company that focuses on mortgage loans and cross-border property management. Launched in 2018, it already has an impressive network of foreign property investors, 12 million of which are overseas Filipinos.