TheHouseMonk Secures $5M in Financing from Aurum PropTech
…Will use funds to fuel the expansion of its SaaS platform for rental real estate
SINGAPORE–(BUSINESS WIRE)–#AI—TheHouseMonk, a B2B SaaS company focused on the rental real estate industry, announced its raise of $5M from Aurum PropTech Ltd as a combination of equity and debt. TheHouseMonk plans to deploy these funds to fuel its expansion into Europe and US, as well as consolidate its position in Asia, which serves as its core market today. The company also plans to hire aggressively into its tech team to build advanced AI/ML (artificial intelligence/machine learning) capabilities, and to strengthen its overall product portfolio.
“We are very excited to partner with Aurum PropTech as we continue building the de-facto platform for the rental real estate industry. 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,” said Ajay Kumar, Co-Founder, and CEO of TheHouseMonk.
“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. 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,” said Ashish Deora, Founder and Chief Executive Officer of Aurum Ventures, the parent company of Aurum PropTech.
Fuelled by the Millennial and Gen Z behavioral pattern and growth of the IT-ITES industry, rental housing is booming. It has created a huge market for organized and new-age coliving 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. TheHouseMonk’s software solution is an ideal platform for these players to organize and scale up their businesses.