Rsquare, a property brokerage, raises $72 million in funding

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Rsquare, a property brokerage, raises $72 million in funding

Published: 15 Nov. 2021, 17:31 Updated: 15 Nov. 2021, 18:59

[RSQUARE]

Rsquare raised 85 billion won ($72 million) in a Series C funding from Stic Investments, a Seoul-based private equity fund, the proptech company said Monday.

The latest investment brings Rsquare’s total funding to 113.7 billion won, the company said. Its major investors include SoftBank Ventures Asia, which invested a total of 10.5 billion won in Rsquare's Series A and B fundings, as well as Z Venture Capital, which invested 2 billion won.

Rsquare is a Seoul-based commercial real estate brokerage founded in 2009. It helps companies not only find office space but also provides remodeling and furnishing services.

New funding will be used to expand its business in Southeast Asia, the company said Monday.

In June, Rsquare opened its first overseas office, in Vietnam, and is planning to open an office in Singapore this month.

“Rsquare will push forward with stabilizing various commercial real estate businesses in progress at the moment,” said Lee John Woo, CEO of Rsquare.

“We will also fortify our position in our existing business of providing brokerage service and remodeling spaces.”

Rsquare recorded 65 billion won in its sales last year and 100 billion won in the first eight months of 2021, according to the company.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]