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The investment was announced by Khanh Tran, partner at VinaCapital Ventures, at the Vietnam Venture Summit 2019 held in Ho Chi Minh recently.
The financing was Rever’s Series B round, following a Series A round that saw the participation of local investment holding firm STI Holding, and Le Hong Minh, founder and chairman-cum-CEO of Vietnamese technology and digital media unicorn VNG.
Founded in July 2016, Rever is the first company of its kind in Southeast Asia that uses price preference tools using real market data analytics and listing tracking incorporated with interactive media.
The service also offers real-time transaction management services that equip real estate agents with smart customer relationship management (CRM) tools and a property database.
Rever said it will add more tools and services to its platform, including loan brokerage, digital furniture fitting and smart-home solutions, to become a one-stop shop for all accommodation-related needs.
The company is trying to leverage continued growth of Vietnam’s property market. A growing middle class and a demand for affordable homes should continue to drive strong market growth for the foreseeable future, it said.
"VinaCapital is a long-time real estate investor and developer, so this investment is also very strategic for us. Rever has the potential to lead the transformation of the real estate business, from one that is still very much based on brick-and-mortar to one that is a key part of the digital economy," Khanh Tran said.
VinaCapital Ventures is part of VinaCapital, one of Vietnam’s leading asset management companies listed on the London Stock Exchange. The fund currently has $1.8 billion in assets under management.
