Besides seed funding, Yong will also play the roles of angel investor and incubator to develop the proptech scene in Singapore

Michelle Yong, Co-founder of innovation-focused co-working space Collision8, has announced the official launch of Aurum Investments, a multi-million dollar VC aiming to invest in startups operating in the field of property tech.

Aurum is a subsidiary of construction conglomerate Woh Hup.

While the official announcement has come only today, Aurum has already invested US$1.5 million in tech-powered co-living startup Hmlet.

Besides the criteria of being related to the real estate industry, Aurum seeks to finance startups that are tech-focused, human-centric, and highly scalable towards local and regional real estate opportunities.

Besides seed funding, Yong is also keen for Aurum Investments to play angel investor and incubator roles in developing the proptech scene in Singapore, with a target of investing in two to three businesses a year.

Also Read: Is real estate tech disruption the end of the property agent?

Other benefits include being fully supported by Aurum’s other businesses, such as membership and facilities at Collision8, which recently doubled its downtown space to accommodate its growing community.

Michelle Yong

“As property developers ourselves, we’ve observed the increasing need to integrate technology into day-to-day spaces to increase productivity and efficiency of brokerage and leasing transactions, to allow owners to focus on face-to-face interactions,” shares Yong. “We are also in talks with two other startups that relate to the project development vertical of proptech.”

“We’re focused on the future of people, so funding is just one part of the equation. Our trusted network of communities — across co-working, residential developments, co-living, health and wellness — will play a large role in creating pathways for these startups to succeed as profitable and sustainable businesses,” Yong added.

Since 2013, proptech startups in Asia Pacific has received US$4.8billion in funding — more than 60 per cent of global proptech investment, outpacing Europe and the United States.

Image Credit: peshkov / 123RF Stock Photo

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