HipFlat, an online real estate search startup based in Thailand, has raised $335,000 USD from international angel investors. The company said, funding was provided by Singapore’s Crystal Horse Investments and 8capita, as well as from a group of Thai-based angel investors led by Kris Nalamlieng, and Chang Ng, and a serial entrepreneur and angel investor from the Netherlands. The oversubscribed funding round was closed back in September, but has just been revealed to the public.
The company claims that, over the past 6 months HipFlat has been recording monthly doubledigit percentage growth in almost every aspect of its business, including number of searches, user signups, property inquiries and revenue, while its team has grown from 4 to 10 people.
HipFlat says its aim to be the most consumerfriendly property search website in Southeast Asia. Its key features include:
- An easy-to-use mapbased search, powered by an automated system which collects property listings from agents, developers, online classifieds and web boards and enhances them with geolocationrelated information and realtime market data.
- Neighbourhood Explorer – a tool enabling potential homebuyers to embark on a virtual tour and check out available transportation options, shops, schools, restaurants and many other places around any of the 2,000+ condominium buildings in Bangkok and Pattaya.
- Realtime and historical data such as price trend graphs and rental yields, aimed to help homebuyers make informed investment decisions.
HipFlat’s audience reflects current condominium market trends in Thailand: over 90% of inquiries come from Thai nationals, while the rest are from expats. Every district in Thailand’s capital are covered with the prices for condos varying from tens of thousands to millions of USD. 33% of the inquiries are for rentals while 66% are from people looking to buy.
The company’s revenue comes from property agents who pay for the opportunity to receive inquiries from homebuyers. In return HipFlat guarantees to deliver new customer leads and eliminates the need for prospecting, allowing agents to focus on the essence of property business – helping customers find their new homes.
HipFlat is now preparing for the next funding round, aiming for expansion to other Southeast Asian countries in 2014.
Edited by Gordana Davila