A new Singapore-based venture capital fund has made its first investment of a US$1.5 million (S$2 million) in a local start-up whose focus is offering residential space for rent in apartments in the city centre.
Aurum Investments, a subsidiary of construction group Woh Hup Holdings, is aiming on start-ups which have real estate-centred business models that can be scaled up to expand across the region.
Aurum's first candidate is Hmlet, a start-up established last year providing rooms and full apartments for rent in the heart of the city to business people and expats looking for affordable space and the opportunity to live a more integrated lifestyle.
Chief executive and co-founder Yoan Kamalski recently said in an interview with The Straits Times: "Out of the firms that we were negotiating with, we felt that the Aurum team showed us how they would add the most value to our business, beyond the injection of capital - and we're already reaping the benefits."
The company is looking to invest in two to three property technology (prop tech) businesses a year in what is already a fast-expanding sector.
The above article was sourced from The Straits Times and edited for the purpose of republishing it on Property Portal Watch. Read the original article in its entirety here.