Property portal The Edge Property has just secured US$4 million funding.
According to a press release, this round of funding included “many prominent investors”, including UOB chairman Hsieh Fu Hua, CIMB chairman Dato Sri Nazir Razak, and Fushia Investments Pte Ltd.
Launched 2 years ago by Malaysian serial entrepreneur Tong Kooi Ong, The Edge Property aims to help homeowners and buyers in Singapore and Malaysia make better choices via property news, property listings, analyses from in-house journalists and analysts, and tools that enable quick comparisons.
They also have an app of the same name to enable users to browse listings on-the-go.
Having grown very significantly from 50,000 users per month in the initial month of launch, to around 600,000 today across Singapore and Malaysia, the fresh round of funding would be used to “expand (their) reach and optimise first-to-market features”.
Bernard Tong, managing director of The Edge Property Singapore, also noted the difficulties faced by millennials, most of whom are looking to own their first home.
“There will be tremendous opportunity for The Edge Property as a tech-enabled media company to play a bigger role in this space. Property transactions topped $88 billion last year in Singapore and Malaysia combined, and technology-enabled transactions have barely scratched the surface.”
Added Alvin Ong, the Director of Product and Business Development for The Edge Property, “We want to build on that and provide consumers and businesses a platform to turn that into an advantage, leveraging technologies such as machine learning. It’s about creating a tailored experience for specific users groups – from first-time home buyers to seasoned investors and even property developers.”
Featured Image Credit: The Edge Property