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A $750,000 equity investment by Singapore prop-tech fund Feedback Ventures has boosted AI-powered real estate discovery app Soho.com.au’s valuation to $20 million.
According to Soho, which was established in 2018 by Airtasker (ASX: ART) co-founder Jonathan Lui, the funding boost was not part of its capital management plans for 2023 after becoming cashflow positive earlier this year.
However, the additional capital will be used to assist the company in fast-tracking growth.
“Soho’s growth has been amazing in the past year and with Feedback Ventures now coming on board as a lead investor, we know we’re bringing on a great capital partner with clear conviction on spearheading the AI evolution in real estate,” Lui says.
“With 2023 being our strongest year and soon coming to a close, 2024 is already shaping up to be an incredible year for Soho with several partnerships and AI products being launched for property seekers and real estate agents alike.”
The Sydney-based Soho uses artificial intelligence to personalise real estate searches, creating an instant list of properties matched to search criteria.
Soho’s PropertyMatch system, which the company says is akin to “Tinder for real estate’, is a ranking and scoring engine that uses AI to continually search for properties people may be interested in buying.
Soho has raised more than $8 million in capital since inception and Lui says the latest capital raising was undertaken through an exclusive pre-Series B round created specifically for Feedback Ventures after the Singapore fund approached the company to invest.
Soho has revealed that it is planning a larger Series B in 2024 to accelerate its presence across Australia and other markets.
Soho now operates in all Australian capital cities and key regional areas, featuring more than 150,000 properties.
The app, which works with more than 20,000 active real estate agents every month, has connected users with more than six million recommended properties.
Soho has been specifically designed for buyers and renters, and it is free to use by real estate agents, their clients and registered users.
Feedback Ventures partner Ethan Cheng says the investment in Soho follows a growing relationship developed with Lui over recent years.
“Feedback Ventures is proud and excited to be part of Soho’s mission to create the next generation AI property search engine," Cheng says.
“Jonathan and his team are one of the most exceptional teams we have encountered in the PropTech space, and we believe they are going to massively disrupt the status quo.”
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