Citics, a Vietnamese proptech startup, has raised US$1 million in a pre-series A round from a group of international and domestic investors.

Citics - a Vietnamese proptech startup

The investors include Vulpes Investment Management, a seed investor in Singapore-based unicorn PropertyGuru, Vietnamese company Nextrans and South Korea’s TheVentures.

The startup has raised US$700,000 from multiple angel investors, many of whom also participated in this round.

The startup plans to use the new funds to further develop its proprietary SaaS and DaaS products, as well as expanding its business across the country. 

Established in 2018, Citics aims to build a comprehensive real estate data platform by digitizing and centralizing many fragmented data sources to assist real estate transactions, including real estate valuation, sales-purchase, lease and mortgage.

It offers a data-as-a-service solution for banks to validate the value of real estate employed as collateral for loans. By using a proprietary valuation map, bankers can check the details and preliminary values of properties. 

It also enables banks’ risk department to control mortgage risks related to property values and locations by digital price map technology.

Currently, it has data of more than nine million properties across the country and has estimated values for nearly four million of them.

Since launching its products in early 2020, it signed contracts with ten banks and achieved a monthly growth rate of more than 30%.