The Edge Property, that provides buyers with the necessary information about properties before purchasing, has raised $4 million from a cohort of renowned investors including UOB chairman Hsieh Fu Hua and CIMB chairman Dato Sri Nazir Razak. Also, the round witnessed participation from Fushia Investments, Peter Goh (Vice President of Asean Systems Sales at Oracle) and Malaysian businessman Tan Sri Wan Azmi Wan Hamzah.
As per an official statement, the fresh inflow of funds will be utilized to expand the company‘s reach and optimize their “first-to-market features.”
Launched in 2015 by Tong Kooi Ong, a Malaysian serial entrepreneur, the portal helps homemakers make better decisions on purchasing different times of real estate by providing them with relevant property news, data and analytics. Bernard Tong, managing director of The Edge Property Singapore, in a statement, says,
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.
Bernard mentions that one of the biggest challenges they face is matching buyers with the right property among the numerous choices. He further states millennials come across various difficulties when buying a property. He added,
We’ve spent a lot of time trying to understand these obstacles. And we are very excited to be rolling out new products that will address these issues in the coming months.
The Edge Property claims to have 600,000 users per month across the two markets it operates in — Singapore and Malaysia. This exhibits a tremendous growth when compared to 50,000 users per month in the initial month of its launch. In addition, quoting statistics from SimilarWeb, the company says it ranks 2nd in Singapore and 3rd in Malaysia in terms of market share.