Proptech startups in Southeast Asia draw US$72.9 mil in funding last year

By Charlene Chin
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Proptech startups in Southeast Asia drew US$72.9 million ($101.3 million) in funding, out of a total US$625.9 million clinched by startups in Asia Pacific last year, according to research by JLL and tech firm Tech in Asia.
In comparison, proptech startups in Southeast Asia drew US$13.8 million in 2017.
Out of the total 38 deal counts in Asia Pacific in 2019, Southeast Asia accounted for 11.
Overall, the funding numbers are “only indicative of VC (venture capital) interest and they’re less reflective of what’s truly happening in our industry”, says Jordan Kostelac, director of Proptech, JLL Asia Pacific.
“In our work with clients and fellow corporates, we are seeing that interest in proptech in Asia Pacific continues to grow, with traditional players taking a strategic, integrated approach with start-ups instead of the VC investment route,” he explains.
Chris Fossick, CEO of JLL Southeast Asia, says: “The demographic in Southeast Asia has favourable elements supporting investment into proptech. This includes a young and growing tech savvy population, urbanisation and a growing real estate footprint fuelled by strong economic growth and higher market transparency.”
He adds: ”We expect investments to continue in the region and play an increasingly influential role in the way real estate is managed and transacted.”
The research also shows that pre-series A start-ups experienced the largest increase in funding in 2019 - a rise of 117.5% y-o-y, from US$12 million to US$26.1 million.
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