Thailand cloud-based property agency Lazudi has received a US$2 million investment from Swedish venture capital company PropTech Farm.
The cash injection provides Lazudi with the capital to deploy technology to simplify the home buying and selling process, which comes at the right time as Thailand’s property market gets ready for growth following the easing of travel restrictions.
The deal with Stockholm-based PropTech Farm puts Lazudi at the forefront of digital innovation in the Thai property market, by using technology to move more of the property transaction process online.
Costa Savva, the Co-Founder & Managing Director of Lazudi, said: “The past few years have helped accelerate consumers acceptance of digital resources to make better, more informed decisions for purchasing property. Virtual tours, 360 immersive walkthroughs and digital agreements are all now playing a regular part of the ‘New Normal’ buying process,”
“In much more developed markets consumers are already completing the full process online and we plan to implement similar technologies here in Thailand.”
Following the principles of e-commerce, the Lazudi cloud-based platform works for buyers, tenants and agents, by smoothing the posting, marketing of inventory, and providing increased transparency for buyers and sellers during the transaction process while slashing the onerous back-office paperwork and admin for real estate agents.
Fredrik Bergman, the CEO & Co-Founder of PropTech Farm, said: “The PropTech landscape has evolved over the last few years. Historically, it has been an industry slow to go digital. More and more online solutions are now available, but little has reached the Thai market which remains very fragmented and primarily offline, heavy on admin with little transparency for consumers.”
He said the investment into Lazudi plans to change this for both agents and end consumers.
Hundreds of millions of dollars of venture capital has poured into global PropTech in recent years, seeing the vast potential to transform the way the world’s biggest asset class is managed and this new investment round shows that there is significant interest in the industry in Thailand.
PropTech Farm brings an amalgamation of property and digital expertise, investing in entrepreneurs ready to disrupt the sector and is specifically seeking out partners in Southeast Asia.
Lazudi founders Costa Savva, Neil Sutton and Ben Neve bring a wealth of property, tech and management experience, gained while founding, growing and exiting startups such as Thailand’s leading property portal, DotProperty.