Singapore-based AI-driven property portal MOGUL.sg has raised S$9 million (about $6.5 million) in its first-ever funding round, the company announced today.
The lead investor is Nech Capital, a Singapore-based alternative investment management company that invests in both public and private equities, including SMEs and start-ups.
With the funding, MOGUL.sg is looking to add more features to their website’s 3D map such as indoor mapping and navigation while providing additional data to users that will help them better understand the surroundings and derive more accurate valuations of the properties that banks will adopt readily.
Eventually, MOGUL.sg wants to empower users with the ability to directly transact property on the platform. This will encompass features such as online viewing of property (external, internal, shadow casting), valuation, conveyancing (via online mode), and online application of the mortgage.
“Here at MOGUL.sg, it has always been our aim to improve users’ experience in the property search. We have been consistently adding features to our website, so that users – be they buyers, sellers, agents, or real estate developers, can improve their productivity with the tools provided. With this aim in mind, we were careful in the selection of incoming investors during this Series A round. We are delighted to welcome our new partners who will not only help us fund the development of more useful features, but also value-add in their own ways to support our push towards reinventing the entire real estate transaction journey,” Gerald Sim, CEO, and founder of MOGUL.sg, said.
Since the start of 2022, MOGUL.sg has seen a 20% growth among active and new users. Following the positive adoption rate, the Singapore company behind this portal has decided to start its first fundraising in June this year to expand its technology offering to users.
Given its good business revenue over the past years and partially self-funded by its owners, it met with great enthusiasm from investors locally and abroad who wanted to be part of the new-generation portal, leading to an oversubscription of the rights to be issued.
The business has seen an increase in revenue from property developers and agencies who have placed orders with Mogul to develop 3D models of new residential properties to be displayed on the 3D map.