Seoul is one of the most developed cities in the world. Thanks to telecommunications companies like SK and KT who have spent over $40 billion setting up key infrastructure for their high-speed 5G networks there are new innovative solutions offered up by Proptech startups in Korea. The South Korean government has played a major role in the rise of Proptech startups in Korea. They have made policies and lowered regulations on the Proptech industry for easier transactions and better transparency.

The real estate industry has been late to adopt new innovative technologies and digitalization. Only recently has there been a move towards incorporating tech to offer customers a better experience. Much of this has been brought on by COVID-19 which raised the demand for contactless transactions, virtual viewings, and a one-stop real estate service. These days many real estate companies in Korea are using new digital technologies in their business processes. Below are some innovative Proptech startups in Korea digitizing the real estate industry. 

Zigbang

PropTech startups in Korea

Zigbang is Korea’s first and only startup unicorn by offering Koreans a better way to facilitate real estate transactions. The startup is valued at $1 billion and has incorporated the latest technologies into its services. Zigbang now offers 3D and VR immersive tour experiences for customers so they do not have to leave their homes to view the property. In addition, any floor plan can be converted into a 3D virtual tour. Their focus for 2022 will be on integrating AI and big data into their chatbot to offer customers consultation. 

Rsquare 

Rsquare

Rsquare of one of the fastest-growing Proptech startups in Korea. They are the creators of a data-driven platform that digitizes the process of comparing multiple properties when finding an office. They help startups and SMEs in Korea find office space at the best possible price. In addition, they have Rsquare Design which offers interior design services. Since 2015, the startup has been able to get massive data in regards to commercial buildings in Korea. This includes office landlords and tenant information. They have over 120,000 commercial building data across 50 locations in South Korea. 

Rsquare has raised over $95 million to date with $72 million coming from STIC Investments. Their focus for 2022 will be to advance their AI-based Proptech platform and expand into Southeast Asia. 

Olim Planet 

Olim Planet

Olim Planet is a Korean Proptech startup that uses VR technology to create virtual spaces of the exterior and interior of a building, apartment, or house. Their virtual show house platform is called Zipview and it can also do virtual spaces for retail stores, conferences, and exhibitions. Since COVID-19, the startup has gotten a lot of attention for its 3D-based virtual events. So far they have done over 400 VR projects. In addition, many realtors rely on Zipview to introduce homes and apartments to customers virtually and remotely since the pandemic. The startup is estimated to do $10 million in revenue for 2021 and plans to go public by the end of 2022. 

Tera Funding 

Proptech startups in KoreaTera Funding is the operator of a peer-to-peer lending platform for real estate developers in Korea. Therefore, the startup offers an alternative means to raise funds by real estate developers of small and mid-sized residential areas. IN addition, Tera Funding offers home/apartment builders in Korea loans at around a 10% interest rate. 

Tera Funding raised over $18 million for their Series B round from new investors such as KB Investment, Hana Ventures, IBK, Woomi Construction, and Union Investment Partners. 

Dongnae 

Dongnae

Dongnae was founded by a former WeWork executive who wanted to create a centralized base for brokers. It is common for Koreans to go through many brokers before they find a home. Dongnae has over 75 brokerage partners in Korea. In addition, the startup released their app for both iOS and Android which lets renters and buyers look at listings and book tours of properties in Seoul. Dongnae offers more than 8,000 listings.

Dongnae has raised over $8.2 million in funding to date. Their focus for 2022 will be to continue to grow Dongnae’s brokerage network across Seoul and continue developing their technology and brokerage teams. 

XAI Land

Xailand

XAI Land is an innovative real estate startup in Korea utilizing AI technology to make real estate valuations more transparent on a global scale. They create products that help real estate professionals make better decisions and successfully complete their projects. Real estate investing in Korea can now be automated. The XAI land team consists of data scientists, software developers, and real estate professionals. Their platform offers real estate professionals the opportunity to discover the current and predicted future market value of any property. In addition, their reports contain data and analysis that allows users to understand the property in greater detail. Therefore they will be able to make better and faster decisions by tapping into their comprehensive database of real estate data/analytics and API.