Zigbang, a leading Korean proptech startup, has attracted 100 billion won ($77 million) in what is analyzed as pre-IPO funding from leading Korean investor firms.
The company that has revolutionized the real estate industry in Korea got investment from KDB Industrial Bank, IMM Investment, and Hana Financial Investment. It is the first time in three years since 2019 that Zigbang has attracted a large-scale investment, and the enterprise value of the proptech startup is evaluated to be 2.5 trillion won ($1.9 billion), with the pre-IPO investment.
Company to expand services
Zigbang has been a leading digital resource for people to find rental homes or apartment in Korea. Recently it had received 33.5 billion won ($27 million) from Venture Fund Association. The latest investment solidifies Zigbang’s position for a public listing, which is expected to be done in the next two or three years.
Investors highly evaluated the growth potential of Zigbang, Korea’s No. 1 proptech startup. In particular, Zigbang’s recent self-developed and global launch of the virtual office platform ‘Soma’ and the smart home vision through the acquisition of Samsung SDS’ home IoT division were highly evaluated.
KDB Korea Development Bank and Shinyoung Securities are also pursuing a joint arrangement of up to 60 billion won ($46 million) in loans to support the acquisition of Samsung SDS’s home IoT business.
Zigbang plans to use this pre-IPO investment to take the next step forward as a “comprehensive proptech company” that covers all areas of housing, from finding a rental home or apartment in Korea to managing the house. Ahn Seong-woo, CEO of Jikbang, said, “We have obtained a valuable driving force for the innovation of the real estate industry in Korea and the residential environment amid the investment cold wave caused by the global economic downturn and interest rate hike. We will focus on creating synergy for the smart home vision.”
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