Korean Proptech Startup Rsquare Raises $72M Series C To Fuel Its Expansion

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A Seoul-based proptech startup called Rsquare built a data-driven platform to digitize the process, enabling tenants to compare multiple properties and find an office. The startup has raised a $72 million (85 billion won) Series C round from a single backer STIC Investments, JohnWoo Lee, CEO of Rsquare, said in an interview with TechCrunch. The Seoul-headquartered company also plans to make further investments in the proptech sector in South Korea and Southeast Asia, including Singapore, Vietnam, and Indonesia, Lee said. In 2016, the company set up a wholly-owned subsidiary, Rsquare Design, to provide office interior design services in the wake of $3.8 million Series B funding from Yahoo Japan Capital and SoftBank Ventures Asia. Lee pointed out that Rsquare’s key differentiator is its commercial building data, including the office landlords’ and tenants’ information, the startup has gathered since its launch. The company posted revenue of $55.2 million in 2020 and $85 million for the previous eight months. Rsquare claims it has amassed more than 120,000 commercial building data across 50 locations in South Korea and around 10,000 commercial properties data in Vietnam.