Hipflat made itself an early Christmas present today, announcing that they have raised 335.000 USD in an oversubscribed funding round from Crystal Horse Investment, 8Capita, Chang Ng and a Thailand based angel investor group led by Kris Nalamlieng. The founding round was closed back in September but was made public today.
Hipflat was founded in 2012 by Denis Nemtsev in order to change how people search for real estate online. Hipflat is currently experiencing month-to-month double-digit growth and plans to expand operations across the region. Unlike other real estate online search engines Hipflat focuses on an easy to use map based search. Listings are gathered from around the web to provide a comprehensive list of real estates, currently more than 20.000 – and 200 to 300 daily additions, to its users in Bangkok and Pattaya. The service also allows exploring the neighbourhood virtually, enabling potential buyers to find nearby schools, shops, restaurants and other places around the condominiums of choice. Historical data and price trend graphs allow users to make smart investment decisions.
Denis briefly told us how the investment came around. In 2012, even before the official launch of the website, Denis – by chance – met an investor who wanted to hear his pitch. Even though he eventually did not investment, Denis used the developed deck and financial model to go out hustle and pitch to other potential investors. Originally the goal was to raise seed capital of a minimum of 50.000 USD, but it turned out that the real estate online marketplace is really popular among investors. Consequently Hipflat decided to raise a larger sum and eventually capped at 335.000 USD. The first investment even came before the launch of the website in March, by Kris Nalamlieng, which completely went into incorporation and getting started. Hipflat made its first larger public appearance in early March 2013 when they pitched on the Echelon Satellite in Bangkok, and unfortunately lost to loyalty app Stamp. Nevertheless, Echelon turned out to be a good territory for the Startup. At the main Echelon event in June 2013, Hipflat caught the eyes of their current investors. Dennis and his team were able to convince them within 2 weeks, but the process took until the end of September, when the round was finally closed.