Former WeWork Asia General Manager Matthew Shampine’s company Dongnae recently closed on a pre-seed round of funding from the likes of Boston based Flybridge as well as several angel investors and will soon be looking towards a seed round. The company aims to simplify the process of finding a property in South Korea where house hunters have to engage with several different agencies and where there is no centralized MLS.
The idea behind Dongnae is that house hunters get tailor-made information on homes from the company which will essentially be its own brokerage and guide customers from searching to closing. Dongnae is even building its own CRM software and listings platform. Shampine sees the information available to users on Korean portals such as Zigbang as somewhat superficial and according to an interview given to the Korea Herald, wants Dongnae to offer “full-stack services, all the way from consultation, touring, negotiation, and to the actual moving-in process.”
The product will initially be marketed to first-time buyers and will invest 1% of earnings back into the neighbourhood where each branch is based.