CoAssets, a crowdfunding site from Singapore that lists properties from around the world, has raised S$1 million (US$733,000) in series A funding from undisclosed investors. This values the company, believed to be the first real estate crowdfunding platform in Southeast Asia, at S$13 million, or about US$9.53 million post-money.
The startup previously received seed money from Expara IDM Ventures with support from Singapore government agency Media Development Authority. Jeffrey Chi, managing director of Vickers Venture Partners and chairman of the Singapore Venture Capital And Private Equity Association, also contributed.
Based in Singapore and launched in July of 2013, the site claims to have crowdfunded S$45 million (US$26 million) for over 15 projects, with a total payout of SS$120,000 (US$88,000) and an average return of 10 to 20 percent. The platform launched a Malaysian office and will expand to Australia later this year. The startup reports accumulating 3,000 registered users and a revenue of S$1 million in their first 12 months. 60 percent of the money comes from service fees for using the crowdfunding site. The rest of the revenue is generated from ad sales and organizing networking events. “Our main focus is crowdfunding however, these value-added services contribute to an increase in the usage of our platform,” shared a CoAssets spokesperson.
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