M&A / FundingProptechReal Estate

Office leasing proptech Estie completes $9m Series A

Estie, a Japanese proptech operating an office leasing and rental office matching service, announced raising a approximate ¥1 billion ($8,750,000 USD) Series A, according to TechCrunch Japan.

The company says it will use the funds to strengthen its HR team recruitment and plans to expand both its product and operation departments in order to build, develop and support its multi-product commercial real estate offering.

Founded in 2018, Estie’s aims to facilitate the distribution and transaction of real estate industry information with its goal to “further [develop] the true value of the industry.”

The company’s platform, Estie Pro, collects unique daily information from a data pipeline of more than 50 real estate developers and management companies to congregate and provide information for the use of office leasing.

Estie also provides an “e-rent” product through the platform that enables data-based decision making for real estate companies. Since renewing the product in July 2020, the Monthly Ordinary Income (MOI) of its clients has grown at 15% month-over-month.

The data covers data on over 80,000 buildings (400,000 floors and almost 180 million square feet of office space) and rent information for 240,000 individual cases and 200,000 tenant companies throughout Japan, according to TechCrunch Japan.

The Series A, which added new investor Global Brain, follows about $2 million in seed funding from Globis Capital Partners, the University of Tokyo and Edge Capital Partners (UTEC) in July 2020. It brings its total funding to date to about $13 million.

In other recent fintech news, Kansas-based residential co-living proptech HomeRoom announced being selected for the Y Combinator. Wilshire Lane Capital also partnered with Morgan Properties to acquire data on almost 100,000 units for industry testing.

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