Zigbang Secures $77m Funding Before Anticipated IPO

Real estate marketplace ZigBang has raised ₩100 billion ($77 million USD) in what is believed to be a pre-IPO equity investment from three leading institutions.

Korea’s No.1 proptech startup secured investment from KDB Industrial Bank, IMM Investment, and Hana Financial Investment. It is the first time in three years since 2019 that Zigbang has attracted a large-scale investment, and the enterprise value of the proptech startup is evaluated to be 2.5 trillion won ($1.9 billion).

An IPO is expected in the next three years.

Ahn Seong-woo, CEO of Jikbang, said,

“We have obtained a valuable driving force for the innovation of the real estate industry in Korea and the residential environment amid the investment cold wave caused by the global economic downturn and interest rate hike. We will focus on creating synergy for the smart home vision.”

Zigbang has been busy in recent months, including moving into the smart homes industry with the acquisition of  Samsung's SDS home internet of things (IoT) unit for an estimated $85 million.

Launched in 2012, Zigbang has been a leading digital resource for people to find rental homes or apartments in Korea. According to Crunchbase, ZigBang has raised a total of $234.3M in funding over 9 rounds.