Korean proptech startup has made waves in the market with news of its rise to unicorn status. ZigBang has become South Korea’s 12th unicorn after elevating the market by offering a new way to facilitate real estate transactions after hitting a corporate value of over 1 trillion won (approximately US$895 million).
DSC Investment is finalizing contracts with existing shareholders to purchase old ZigBang stocks worth tens of billions of won which has helped the startup hit the 1 trillion won mark, elevating it to unicorn status.
ZigBang follows behind SoCar, a car-sharing platform, on the list of unicorn startups in the South Korean market. The company also ranks 9th in the world according to CB Insights. ZigBang has its sights set on an even higher ranking of ‘decacon,’ or an unlisted company valued at least 10 trillion won. The Korean companies closest to decacon status are Krafton and Yanolja.
So, how did ZigBang reach such a status both domestically and internationally? The Korean real estate market is mostly traditional, something that puts it behind other markets that are seeing rapid technological advancement. ZigBang is looking to change that.
The company offers the market 3D and virtual reality technology to offer consumers an immersive tour experience from the comfort of their own homes. It also introduced the first mobile model house in the industry and a 3D apartment complex tour, most recently.
Now, any floor plan can be converted into a 3D virtual tour for convenience and sophistication that has yet to become to industry standard in South Korea’s market. With these tours, consumers can even check where the sunlight will hit inside the apartment depending on the time of day. With so much innovation and raving reviews, the technology has received permission from the local government.
With this new unicorn status and injection of capital, ZigBang is pushing innovation even further with the announcement of a solution for information asymmetry, one of the biggest problems facing the South Korean market today. Integrating AI and big data tech, ZigBang is implementing a chatbot that will facilitate sales price consultation, location of listings, and transactions. It will offer consumers a way to check development housing status, property price valuation, analyze commercial areas, and offer distance between amenities like schools and public transportation.
ZigBang is Korea’s first completely digital real estate offering, which the company will continue to lean into and other companies within the region should look out for.