CoAssets, South East Asia’s first real estate crowdfunding platform, crosses the S$1million revenue mark in their first year

CoAssets (www.CoAssets.com), a start-up funded under the i.JAM Reload scheme managed by the Media Development Authority (MDA), and incubated by Expara IDM Ventures, crossed the S$1million revenue mark within their first year of operation.

“CoAssets was officially launched in Jul 2013 and as at early Aug 2014, our revenue has exceeded S$1million.  This figure is a combination of collected income as well as MOUs signed with the various developers, who will be using our crowdfunding services in the coming months.  Profit wise, we are within the healthy range of between 10% and 20%.  So the results are very encouraging, as it validates our belief that there is a strong demand for crowdfunding services in the real estate sector, ” said Mr Getty Goh, CEO of CoAssets.

“While we are a real estate crowdfunding site, our business model is very different from similar sites in places like the United States and Europe.  Specifically, we do not get directly involved in the deals and we do not collect monies from the funders.  We are purely a market place and any arrangement is between the opportunity providers (i.e. developers) and the funders.  Akin to what eBay is doing for the auction market, by being a market place for users who want to auction their products, CoAssets is a market place for developers and/or property owners who are interested to get their projects crowdfunded,” added Mr Goh.

Top Ranked Real Estate Crowdfunding Site

“In terms of online outreach, I think we have also done well. Based on Alexa ranking, a matrix used by some online marketers, we are within the top 3 highest ranked real estate crowdfunding sites globally and we are the top site in Asia.  We recognize that while Alexa ranking is just one indicator and we need to look at other factors to determine how successful a website is, it is useful in giving us some sense of how well we are doing in relation to our counterparts,” commented Dr Seh Huan Kiat, CTO of CoAssets.

“Interestingly, we are ranked even higher than one of the US based real estate crowdfunding websites that recently raised US$1.9million in catalyst funding.  Considering that we are still largely self-funded, we believe that we can bring CoAssets to the next level when we have professional investors on board,” Dr Seh added.

“We have been monitoring the company’s progress and we are very pleased with CoAssets’ performance for the last one year.  We find their results exceptional, as many start-ups do not generate meaningful revenue in the first year.  Looking at CoAssets’s growth trajectory, we believe that the team has hit on a burgeoning market and we are helping them secure their Series A funding to capitalize on the momentum.  CoAssets has plans to aggressively expand their presence in markets like Malaysia, Hong Kong and perhaps even China.  With the necessary funding, we are confident that CoAssets will be able to break out of Singapore and establish itself in those markets,” said Mr David Ng, Partner of Expara IDM Ventures.

Company highlights in the last 12 months

The company highlights for the last 12 months are as follow:

Timeline

Event

Aug 2014

CoAssets’s revenue crossed the S$1million mark.

Jul 2014

More than S$28million worth of real estate crowdfunding pledges.

Jul 2014

CoAssets’s registered users grew from 200 to more than 3,100 in 1 year.

Jul 2014

CoAssets organized South East Asia’s first crowdfunding expo.

Jun 2014

CoAssets crowdfunders received first payout from developer, Bastien Jack Pte Ltd.

May 2014

Dr Jeffrey Chi, Chairman of Singapore Venture Capitalist and Private Equity Association (SVCA), joins CoAssets as a private investor and advisor.

Jan 2014

Singapore’s Media Development Authority (MDA) and Expara IDM Ventures fund CoAssets.

Nov 2013

CoAssets opened its regional office in Kuala Lumpur.

Jul 2013

CoAssets was officially launched in Singapore.

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