Breaking startup norms, the AI-powered real estate discovery app, Soho.com.au, co-founded by Airtasker’s Jonathan Lui, concludes 2023 on a triumphant note, achieving a valuation surpassing $20 million following a strategic investment from Singapore-based venture capital firm Feedback Ventures. This equity injection elevates Soho’s total raised capital to over $8 million, defying current industry trends.
Since its launch in 2018, Soho has leveraged artificial intelligence to revolutionize real estate searches, earning the moniker ‘Tinder for Real Estate.’ The innovative PropertyMatch™ ranking and scoring engine personalizes property recommendations, allowing users to effortlessly swipe left or right on their preferred listings.
Soho has successfully expanded its footprint, operating in all Australian capital cities and key regional areas, boasting a diverse portfolio of over 150,000 properties. Over the years, users have engaged with more than 6 million recommended properties, facilitated by collaborations with over 20,000 active agents each month. Soho’s platform provides users instant access to sought-after properties as soon as they become available.
Jonathan Lui, Soho’s CEO, shared that despite achieving positive cash flow earlier in the year, the unexpected interest from Feedback Ventures prompted the decision to embark on an exclusive pre-Series B round. This collaboration aims to accelerate Soho’s growth across Australia and other markets, with a larger Series B slated for 2024.
“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.”Jonathan Lui, Soho’s CEO
As 2023 draws to a close, Lui anticipates a groundbreaking 2024 for Soho, citing upcoming partnerships and the launch of new AI products tailored for both property seekers and real estate agents.
“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.”Ethan Cheng, Partner at Feedback Ventures
Soho, designed for both buyers and renters, remains completely free for real estate agents, their clients, and registered users, aligning with its commitment to democratize access to advanced AI-driven property search capabilities.