Entrepreneur

S'pore PropTech Startup GorillaSpace Raises Seed Funding Led By Mitsubishi Estate

GorillaSpace, a Singapore-based proptech startup, has just announced that it has raised an undisclosed seed round of investment led by Japanese real estate developer Mitsubishi Estate Co., Ltd. (MEC).

MEC is one of the largest and most valuable real estate developers in Japan, and its portfolio as of 2018 was reportedly worth 7.4 trillion yen (S$93 billion).

The round saw additional participation from investors including media solutions provider Silversea Media Group.

Founded in 2018 by Ginny Eckblad and Ben Eckblad, the co-founders of GorillaSpace have over two decades of experience working in Greater China, Europe, and Southeast Asia.

GorillaSpace works like any other property portal, but focuses on helping businesses find and lease office spaces, coworking spaces, and serviced offices.

Said Ginny: “Our mission is to create a one-stop platform that allows businesses to really experience spaces online, get in touch directly with space operators, and reduce their overall search time.”

GorillaSpace founders

With this recent investment, GorillaSpace is also the first proptech startup out of Japan to receive funding from MEC.

This announcement also marks the first seed level investment for MEC.

According to the press release, MEC has committed 10 billion yen (S$125 million) to an initiative where it plans to “discover new business projects and develop synergy with existing businesses”.

“We believe in the founders who have deep commercial real estate experience and technical capabilities. GorillaSpace represents a fresh and exciting way to showcase office spaces and help businesses find workspaces more efficiently,” said Kyota Kobayashi, the General Manager of MEC’s Business Creation Department.

Added Ben: “With the support of our strategic investors, we are able to accelerate the reach and scope of our online marketplace always with the single focus to delight our users.”

Since the end of 2018, GorillaSpace has seen a 21.5% month-on-month growth in website traffic, and growth of over 30% in listings on the platform.

It has also helped over 1,000 businesses find spaces in the first four months of 2019.

 

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