Vietnamese proptech startup raises $1.3 mln
In this article (5)
Citics, a Vietnamese property technology (proptech) startup, said it mobilized $1.3 million in its latest round of funding, to expand its existing business and invest in new technologies.
In a recent Series A bridge round, Citics secured $1.3 million from Ho Chi Minh City-based Vietnam Investments Group, Singapore-based Vulpes Investment Management and Hanoi-based BHS Group. Before this round, it mobilized a total $1.7 million from local and foreign investors.
Citics founder and CEO Tran Minh Long said the proptech startup would in December launch a new version of Citics Valuation to better valuate property and real estate projects.
Citics has so far this year signed eight cooperative deals with banks, lifting the total number of banking customers to 17. Bankers can check the details and preliminary value of property on Citics’ platform.
Questions & Answers
Q.How much funding has Citics secured in total to date?
How much funding has Citics secured in total to date?
Citics has mobilised a total of $1.7 million from various investors before this latest round. With the additional $1.3 million from the Series A bridge round, the proptech startup has now secured $3 million in total funding.
Q.Which investors participated in Citics' latest funding round?
Which investors participated in Citics' latest funding round?
The recent Series A bridge round saw investment from three different entities. These included Vietnam Investments Group, which is based in Ho Chi Minh City, Vulpes Investment Management from Singapore, and Hanoi-based BHS Group.
Q.What are Citics' plans for the $1.3 million raised in the latest funding round?
What are Citics' plans for the $1.3 million raised in the latest funding round?
The Vietnamese proptech startup intends to use the $1.3 million to expand its existing business operations. Also, the company plans to invest a portion of these funds into developing new technologies to enhance its offerings.
Q.What is the primary function of Citics' platform for banking customers?
What is the primary function of Citics' platform for banking customers?
Citics' platform allows bankers to access detailed information regarding properties. It also enables them to check the preliminary value of various properties and real estate projects, assisting with their financial assessments.
Reader pulse
Is proptech essential for modern retail expansion?
24,097 votes so far