Jonathan Lui, the co-founder of Airtasker, has secured $1.65 million in seed capital for his latest venture, a property app called Soho, often described as the “LinkedIn for property”. The seed round is still ongoing, but this brings the total funding for the prop-tech startup to $2.65 million. The round is being led by BridgeLane Group, an investment firm run by Markus Kahlbetzer, who is also a founding member and director of Tank Stream Ventures. Other investors, including high-net-worth individuals from Australia and Singapore, where Lui is currently based, have also contributed.
Lui says that the raise was expedited due to the “significant interest” from investors, which was prompted by the unexpectedly rapid adoption of Soho’s property discovery and management app.
Soho, the property app launched in Australia and Singapore in September 2017, has showcased over 5,000 listings worth an estimated total of $3.5 billion. Major real estate agencies including McGrath, Ray White, Huttons, ERA, Propnex and Harcourts have also signed up as clients.
Lui plans to use the seed funding to double the size of the software development team and accelerate the startup’s traction in the property market. He stated that building trust within the industry and spending time in the market are crucial for the business, hence they are committed for the long haul. The support from investors at this early stage is a testament to their vision for the evolution of the property industry in the next 5-10 years, and their significant property investment portfolios can provide insights and create opportunities for Soho within the industry itself.
Lui’s long-term ambitions for Soho involve expanding its reach globally as a go-to destination for property discovery and content. Soho will become more like a LinkedIn network for the property industry, five years from now.
