PROPERTY management marketplace REALly has raised S$500,000 in seed funding from strategic advisory Huntington Partners, alongside angel investors, the company said in a press release on Tuesday.
The Singapore-headquartered startup has developed an app for property managers to coordinate the numerous tasks involved in projects such as office renovations, outfitting of retail stores and condominium and facilities management.
REALly currently has over 50 property and project managers on its platform, from firms including Savills, Colliers International and Faithful+Gould, said the startup's founder Joerg Zeugner.
The app also features a marketplace with close to 2,500 suppliers and contractors. The marketplace aims to promote price transparency among the suppliers and contractors via an open bidding process for their services and a ratings function.
The seed funding "will enable the team to further enhance the application and marketplace and allow us to develop overseas markets, specifically Malaysia and Indonesia, where REALly has already identified partners", said Mr Zeugner in the release. The startup, which was thus far bootstrapped, has 14 employees.
Saacketh Chawla, regional head of project management at Colliers International, said in a statement: "There will be genuine benefit through technology-enabled platforms like REALly that can bring both efficiency and transparency to this industry."