ZipMatch Gets Funding From Top Investors

[February 25, 2014/Manila] - Manila-based startup ZipMatch has raised funding from a combined group of international and local investors led by IMJ Fenox and including 500 Startups, IdeaSpace, and Hatchd Digital. 

Offering online solutions via search information, real estate trends, investment and finance advice, as well as on-the-ground knowledge, ZipMatch's real estate portal www.zipmatch.com helps property buyers choose from a curated selection of properties. They’re also providing a streamlined home-buying experience through its strategic partnerships with banks and real estate associations.

But unlike online real estate companies like Zillow, Trulia and Redfin in the US, ZipMatch has had more to contend with in the Philippines. “There are no comprehensive multiple listing services (MLS) in the Philippine real estate industry. With ZipMatch, we're trying to create a set of solutions that can apply to the Philippine home-buying experience and help brokers, sellers, and buyers as well,” ZipMatch co-founder John Dang said.

His co-founder Chow Paredes concurred: “ZipMatch’s unique, high quality property listings for buyers are just one piece of the puzzle. Our systems are set up in a way to support brokers and sellers in becoming more professional. We create tools and services that professionalize the industry and help them work according to international service standards.”

ZipMatch’s bootstrap business strategy has kept them ahead of the field, turning a financial profit since the start of its operation. But now ZipMatch wants to roll out its solutions on a larger scale, hence the choice of international investors like IMJ Fenox and 500 Startups, as well as strong Philippine investors like IdeaSpace and Hatchd Digital.

Kyle Wiltshire, IT Director for ZipMatch, said: “Despite the number of BPOs and multinational companies based in this country, there aren’t many businesses solving local problems with local resources. That’s why we’re building real estate solutions customized for the Philippine real estate right here in Manila.”

Currently, the Philippine real estate is a booming industry in the country: from 7,000 condominium units completed in 2000 to 90,000 by the end of 2011, and almost 154,000 units expected to be finished from 2012 to 2016. Manila is also topping the list of Asia’s top real estate investment market for 2014. 

Koichi Saito, General Manager of IMJ Fenox, said: “ZipMatch, as the only online real estate marketplace in the Philippines, is operating in an extremely alluring and growing space. 68 percent of the Filipino population is below the age of 35, and as more people become tech-savvy, the demand for online property search is increasing rapidly.”

Combine the growing Philippine real estate market, an expanding middle class with spending power, and increased Internet access by 500 percent (from 2008 to 2012), and it’s no surprise that Venture Partner Khailee Ng of 500 Startups believes that a Philippine startup can hold lot of potential: "We're always looking for the next big success story in each country, and we see this with ZipMatch."

Paredes said: “The stamp of approval and credibility from investors like IMJ Fenox and 500 Startups will certainly push Zipmatch's growth and our ability to help more Filipinos.”

Likewise, Earl Martin Valencia, IdeaSpace Foundation president and co-founder, said: "We hope that with ZipMatch, more Filipinos will get the right help and information when they purchase the homes that they work so hard to save up for.”

IMJ Fenox: IMJ Fenox, a collaborative effort between Japanese venture capitalist IMJ Investment Partners and the Silicon Valley fund Fenox Venture Capital, focuses on investing in startups from Southeast Asia. IMJ is an active investor that runs an accelerator program in Japan and is the largest provider of web integration service in Japan. The portfolio companies of IMJ Fenox benefits from IMJ's domain expertise in web integration and direct development support. Additionally, they have access to Fenox's global network for entry into new markets. Website: http://www.imjfenox.com/en/

500 Startups: A Silicon Valley-based accelerator and venture capital fund, 500 Startups provides early-stage companies with up to $250K in funding, a startup accelerator program, and unique events like SmashSummit, UnSexy, and GeeksOnaPlane. With hundreds of experienced startup mentors around the world, their creative work space in the heart of Silicon Valley, and a vibrant community of startup founders, they help companies succeed in ways other venture firms do not. Website: http://500.co/

IdeaSpace: IdeaSpace Foundation is a Philippine-based multimillion-dollar non-profit technology incubator backed by industry leaders under the First Pacific group, which includes telco leaders such as PLDT and Smart.  Their aim is to help budding technology entrepreneurs develop groundbreaking innovations and transform these into successful businesses. They go beyond just investing in startups as they offer a program needed at critical phases when ideas are being turned into actual commercial products that combine business incubation and acceleration. Website: http://ideaspacefoundation.org/

Hatchd Digital: Hatchd Digital, Inc. is a tech incubator whose mission is to ideate, incubate, accelerate and monetize business ideas. It was incorporated in the Philippines in November 2010 by a group of individuals with expertise on technology, telecommunications, investment banking, media, software development, e-Commerce and digital content. Website: http://www.hatchddigital.com/index.html