The commercial real estate brokerage market in South Korea is fragmented, which makes finding a new office for tenants a challenge due to inaccurate listing information, high brokerage fee and complex paperwork. A Seoul-based proptech startup called Rsquare built a data-driven platform to digitize the process, enabling tenants to compare multiple properties and find an office.
The startup has raised a $72 million (85 billion won) Series C round from a single backer STIC Investments, JohnWoo Lee, CEO of Rsquare, said in an interview with TechCrunch. The latest funding brings its total raised to approximately $95 million.
Rsquare will spend the proceeds on advancing its AI-based proptech platform, accelerating its commercial building transaction and fulfillment centers brokerage service and increasing headcount to 400 employees by next year, Lee said. It has 354 employees as of October.
The Seoul-headquartered company also plans to make further investments in the proptech sector in South Korea and South …
