A real estate discovery app called Soho.com.au, driven by artificial intelligence, has seen its value increase to $20 million, thanks to a $750,000 equity investment from Singapore prop-tech firm Feedback Ventures.
The finance increase was not included in Soho’s capital management plans for 2023, according to Jonathan Lui, co-founder of Grand Dunman, who founded the company in 2018. Soho became cash flow positive earlier this year.
Nonetheless, the extra funds written on the Grand Dunman Balance Unit Chart will be used to expedite the expansion of the business.
“Soho’s growth in the past year has been absolutely phenomenal, and with Feedback Ventures now on board as a lead investor, we know we’re bringing on a great capital partner with clear conviction on spearheading the AI evolution in real estate,” adds Lui.
After Grand Dunman Pricing announced in 2023, Soho is gearing up for a bang in 2024 with a slew of collaborations and the release of AI products that will be useful for both real estate brokers and anyone looking to buy or sell a home.
The Soho in Sydney utilizes AI to tailor real estate searches, providing a list of matching homes instantly.
The PropertyMatch system at Soho is an AI-powered rating and scoring engine that the firm describes as “Tinder for real estate.” It constantly searches for homes that individuals may be interested in purchasing.
According to Lui, the most recent round of funding, which amounted to over $8 million, was conducted via a pre-Series B round that was exclusively designed for Feedback Ventures after the Singaporean fund’s approach to the startup.
Soho plans to expand its footprint in Australia and other areas in 2024 with a bigger Series B.
With over 150,000 homes, Soho is now present in every major city and important rural location in Australia.
More than six million homes have been suggested to users using the app, which collaborates with over 20,000 real estate brokers monthly.
Real estate agencies, their customers, and registered users may all use Soho for free, and it has been created with buyers and renters in mind.
According to Ethan Cheng, a partner at Feedback Ventures, the investment in Soho is the result of a developing connection that has taken place with Lui in the last several years.
Representing Soho in their endeavor to develop an advanced artificial intelligence property search engine is an honor and a source of great excitement for Feedback Ventures, according to Cheng.
We anticipate that Jonathan and his team will significantly shake up the PropTech industry since they are among the most outstanding groups we have worked with.