M&A / FundingProptech

TheHouseMonk eyes US and UK expansion with $5M raise

Property management solutions provider TheHouseMonk announced a $5 million raise from Aurum Proptech on Tuesday as a combination of equity and debt. The Singapore-based proptech said it plans to use the latest capital injection to further expand into the Asia market while fueling growth in the US and UK.

The company also said it plans to “aggressively” hire into its tech team to build more advanced artificial intelligence and machine learning capabilities, and to strengthen its overall product portfolio.

Currently, the proptech offers end-to-end management solutions for rental property owners and can showcase vacant properties, manage bookings, collect payments, cater to maintenance requests and schedule PPM all through one admin console via its web and mobile app.

The tech can also track all rental data and accounting analytics and boasts claims of a user-friendly interface that can easily lay over legacy management systems.

The platform is unique in that aside from actual managing products, TheHouseMonk also offers digital marketing and branding services – building out websites, supporting social media efforts and even boosting SEO strategies. The company also offers its products for free under a 14-day trial for landlords to test prior to signing contracts.

“We are very excited to partner with Aurum PropTech as we continue building the de-facto platform for the rental real estate industry,” said Ajay Kumar, Co-Founder, and CEO of TheHouseMonk. “Adoption of technology has increased significantly due to the pandemic as landlords, property managers and tenants are looking for digital solutions to manage their relationship and our platform is perfectly positioned to serve this growing need in the market.”

Ahead of Tuesday’s funding, the rental housing market has boomed with Millennial and Gen-Z rental behaviors. According to TheHouseMonk, it has created a huge market for organized and new-age co-living and student housing players who are looking to scale up their business.

Real Estate Private Equity companies are making large investments in buying single-family rental properties, while co-living and student housing operators have raised significant capital from venture capital firms recently. Proptech VC overall has actually begun to return to pre-pandemic levels, according to recent research by the Center for Real Estate Technology and Innovation.

“Over the past few months, we have been on an inorganic growth spree and TheHouseMonk is another addition to our list of products and services enabling the creation of the entire PropTech value chain,” said Ashish Deora, Founder and Chief Executive Officer of Aurum Ventures, the parent company of Aurum PropTech.

“We find TheHouseMonk as a great fit for enhancing efficiency in the residential rental business. It provides a compelling proposition for property owners and managers to monetize, maintain and manage their rental portfolio through its technology platform.”

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