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FundPlaces Raises $1.5M With the Intention of Transforming the Property Investment Industry

Singaporean startup gets the big bucks


Singapore-based startup FundPlaces has raised a whopping $1.5 million (S$2 million) from Global Yellow Pages, a popular directory print business that recently ceased it operations to focus on real estate.

Global Yellow Pages entered into the deal with an agreement that FP Network – its subsidiary- will own a 50.11% stake in FundPlaces.

Brian Wee, the co-founder of FundPlaces, had a vision to disrupt the real estate investment industry by employing blockchain technology, but the company had no funds to make the idea a reality. The amount raised will now empower FundPlaces to implement an open distributed ledger system. It will be cryptography powered, and will transform their operations.

We started FundPlaces to democratise real estate investments. With this in mind, we built the entire platform called the FundPlaces Distributed Asset Ledger, or ‘FuDAL’. It, has been built on a permissioned blockchain that allows participants to issue their own assets, distribute returns, trade automatically and redeem assets,

-Brian Wee

Role of Blockchain in the Company’s Operations

Blockchain provides a platform where crucial information is recorded and cannot be manipulated. Investors can make decisions on each asset, and have everything recorded.

“Each asset has a voting mechanism so that owners can make decisions regarding their investment, with critical information being recorded on the immutable blockchain. It has been set up in such a way that it is flexible enough for 3rd parties to plug into FuDAL. This will help us to drive future expansion of the business overseas”, noted Brian Wee.

With the new system, investors will now have the opportunity to build their portfolio by investing as little as $750 (S$1,000), an amount that is lower than previous investment partnerships. According to FundPlaces, the subscribers have the chance to earn returns amounting to 12%.

And There’s More…

FundPlaces will also offer more benefits, including diversity of investments and flexibility of trades.

Wee said,

Real estate investments are typically illiquid with a long holding period. With our platform, our members can trade in and out of their investments. [In addition], our members can invest in both completed properties as well as development projects.

The injection of funds by GYP allows FundPlaces to speed up its expansion. It will target more markets including Australia, the UK and New Zealand. The company also aims to grow its transaction volume by about three times, expand its employee base as well as its membership base, develop an effective mobile app, and improve its user experience.

What do you think about FundPlaces seeking funds to disrupt the real estate investment industry? Is blockchain finally taking over every industry? Let’s hear your thoughts.