Zipmatch lands “bridge” funding
30 Aug 2016
Zipmatch, a Philippine real estate site, closed additional funding in a “bridge round” led by Kickstart Ventures, a subsidiary of Globe Telecom.
Chow Paredes, cofounder of Zipmatch, said the company would use the undisclosed amount for “dialing down our unit economics, sales processes, among others, to achieve a highly efficient marketplace, and achieve a positive profitability trend.” Chow said previous rounds were focused on growth, traffic and content.
Founded in late 2012, ZipMatch has raised about U.S. $4 million in several funding rounds. An undisclosed sum was raised in 2014, along with a U.S. $550,000 seed fund the same year. This was followed by a $2.5 million investment made by Monks Hill in 2015. Other investors in ZipMatch include Hatchd Digital, IdeaSpace Foundation, IMJ Fenox, and 500 Startups.
Zipmatch competes with Lamudi, the leading competitor, which had 2.1 million visitors from May through July. (Source: SimilarWeb). Other competitors include MyProperty.ph and Property24. MyProperty is slightly ahead of MyProperty, with just 100,000 more visits, while Property24, an app, is the No. 1 free “lifestyle” app in the Philippines and is owned by Naspers. Lamudi is owned by Rocket Internet.
Kickstart president Minette Navarrete told DealStreet Asia that ZipMatch has the potential to become the go-to site for home-seekers.
“ZipMatch has a deep understanding of the property market from both the homebuyer and real estate professional side. As a venture capitalist with sharp focus around digital, Kickstart believes that the team has the necessary balance of platform and tech, data analytics, and human touch, making the home search process much more efficient, while also providing great real-life support where it counts,” Navarrete said.
Earlier this year the company launched ZipMatch Pro, which includes a client management tool, a property inquiry marketplace called Zipshop, a subscription service for content, and a virtual reality tool.