Thailand’s property market is poised for a tech transformation after Lazudi became the kingdom’s first cloud-based property agency with a $2 million investment from Swedish venture capital company PropTech Farm, Lazudi recently announced.
The cash injection provides Lazudi with the capital they need to deploy the technology to simplify the home buying and selling process, which comes at the right time as Thailand’s property market gets ready for growth following the easing of travel restrictions, the company said.
According to the announcement, the deal with Stockholm-based PropTech Farm puts Lazudi at the forefront of digital innovation in the Thai property market, by using technology to move more of the property transaction process online.
“The past few years have helped accelerate consumers’ acceptance of digital resources to make better, more informed decisions for purchasing property. Virtual tours, 360 immersive walkthroughs, and digital agreements are all now playing a regular part of the ‘New Normal’ buying process,” said Costa Savva, Co-Founder & Managing Director of Lazudi.
“In much more developed markets consumers are already completing the full process online and we plan to implement similar technologies here in Thailand.”
Following the principles of e-commerce, the Lazudi cloud-based platform works for buyers, tenants, and agents, smoothing out the posting, marketing of inventory, providing increased transparency for buyers and sellers during the transaction process while slashing the onerous back-office paperwork and admin on agents.
“The PropTech landscape has evolved over the last few years,” added Fredrik Bergman, CEO & Co-Founder of PropTech Farm
“Historically, it has been an industry slow to go digital. More and more online solutions are now available, but little has reached the Thai market which remains very fragmented and primarily offline, heavy on admin with little transparency for consumers. Our investment into Lazudi plans to change this for both agents and the end consumer,”
Hundreds of millions of dollars of venture capital have poured into global PropTech in recent years, seeing the vast potential to transform the way the world’s biggest asset class is managed and this new investment round shows that there is significant interest in the industry in Thailand.
PropTech Farm brings an amalgamation of property and digital expertise, investing in entrepreneurs ready to disrupt the sector, and is specifically seeking out partners in Southeast Asia.
Lazudi founders – Costa Savva, Neil Sutton, and Ben Neve – bring a wealth of property, tech, and management experience, gained while founding, growing, and exciting startups such as Thailand’s leading property portal, www.dotproperty.com