The was announced yesterday by Khanh Tran, partner at VinaCapital Ventures, at the Vietnam Venture Summit 2019 held in Ho Chi Minh City.
The investment, according to Tran, is consistent with the firm’s philosophy of targeting startups that are disrupting how industries operate, operated by founders with a vision and experience, and capitalising on the continued robust expansion of the local economy.
“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 bricks-and-mortar to one that is a key part of the digital economy,” said Tran.
Founded in July 2016, Rever is the first company of its kind in Southeast Asia that leverages advanced technologies to take advantage of the expanding property market of Vietnam, betting on the growing middle class and a demand for affordable homes.
Rever’s technology seeks to make the home buying process little easier for home buyers and build customer trust. The company offers price preference tools using real market data analytics, listing tracking incorporated with interactive media. The real-time transaction management gives the most value to homebuyers and sellers, while equipping agents with a smart CRM and property database.
Aiming to become a one-stop shop for all accommodation-related needs, Rever expects to add more valuable tools and services to its platform soon, including loan brokerage, digital furniture fitting, and smart-home solutions. Rever’s roughly 400 agents will close 2,000 transactions through its platform this year. The company hopes to play an important role in the Vietnamese government’s initiatives to develop the digital economy 4.0, by making real estate transactions in Vietnam safer and more transparent.
Manh Phan, co-founder and CEO of Rever, stated, “We are excited to partner with VinaCapital, whose experience and network will give us the resources to reach our potential in Vietnam and potentially beyond. With one of the strongest track records in both real estate and venture capital, VinaCapital is the ideal partner to help us take our company to its next stage of growth.”
In addition to Rever, VinaCapital Ventures has had investments in FastGo, Logivan, Urbox, and Wee Digital.
Within the context of the Vietnam Venture Summit 2019 held in Hanoi earlier on, VinaCapital Ventures has also announced its strategic partnership with Mirae Asset – Naver Asia Growth Fund, a $1 billion joint fund by Korea’s leading financial group Mirae Asset and Korea’s leading internet company Naver.
VinaCapital Ventures is part of VinaCapital, one of Vietnam’s leading asset management companies with $1.8 billion in assets under management.