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Mekong Capital invested $10.2 million in Rever

The $10.2-million investment from Mekong Enterprise Fund IV

Mekong Enterprise Fund IV invested $10.2 million in the Vietnam-based proptech startup Rever. The capital helps the startup develop its management team, strengthen the corporate culture, and promote development. The startup will access the necessary resources, becoming a leading proptech company in Vietnam. This can help professionalise the real estate brokerage industry in the country. Phan Le Manh, Co-Founder & CEO of Rever said: “People think cash flow is important for startups. But Rever needs an investment fund that believes in its vision. This fund will create space and support the team towards that vision”.

Rever’s smartphone app interface

CEO Phan Le Manh and CTO Vo Thang Loi co-founded Rever in 2016. The proptech startup operates under the Online-to-Offline model. The startup applies its technology platform with a team of professional brokers. The platform serves every client with real estate needs. Manh and Loi are longtime teammates at Zalo. They see opportunity in the fragmented real estate market and growing demand for home ownership. Two tech-savvy young people then founded Rever (French for “dream”). Rever wants to make a big change in the real estate brokerage industry. The startup wants to make more customers’ “dream” of owning homes come true.

Rever’s startup history

In the early days, Rever did not choose to accelerate its expansion in market share. The startup focuses on developing a management team, training real estate business for brokers. Rever’s technology platform makes it a promising proptech company after five years. From 80 early-stage employees, the startup has 300 employees. From 200 transactions in 2017, in 2020, transactions reached 2,000 transactions/year. Rever makes a difference from real estate portfolio validation technology. This ensures authentic online information. The transaction process has ever since become transparent. This startup has grown into a leading brokerage. Regarding the number of authentic apartments in Ho Chi Minh City, the startup has listed more than 50,000 products.

CEO Phan Le Manh, Co-Founder of Rever

Rever is an impressive virtual reality (VR/3D) home viewing experience service application. Rever helps customers’ home listings stand out differently from the market. “Statistics show that the average person before deciding to lower the price will see nine homes first.” Manh said. “VR/3D View technology is not only a temporary solution for the real estate market in this epidemic. It has also been a key strategy of Rever.vn.” The startup is promoting technology development that focuses more on customer experience. Rever aims to optimise business operations. This startup aims to expand to 20 provinces, 200 transaction centers, and 20,000 brokers by 2025. 

Sources of information include DealstreetAsia, Mekong Capital, and TechInAsia.