Kasa Korea raises $16 million ahead of its Singapore entry

Kasa Korea announced Tuesday it raised 19 billion won ($16 million) in a Series B funding from an investor group ahead of its entry into the Singporean market.

Kasa Korea is a real estate securities trading site that allows users to purchase and trade fractional ownership of buildings on its mobile app. The company issues digital asset-backed securities that represent ownership of buildings and sells them to investors.

PGS Partners, WeMade, Arche Investment, Sinaju, Yuanta Investment and Yuanta Asia Investment joined the round.

The company said investors valued its foothold in the market. Its recent unit offers were sold out in a matter of hours. It is planning to start services in Singapore next year, where the real estate market is active and assets expensive.

The new funding will be used to source more valuable properties to fractionally sell to its investors and enhance security.

With the recent round, Kasa Korea raised 40 billion won in total funding.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]