Airtasker cofounder’s AI PropTech app, Soho.com.au, hits $20M valuation with investment from Feedback Ventures
AI-powered real estate discovery app Soho.com.au finishes 2023 on a high and defying current startup trends, with a valuation of more than $20 million following an equity investment by Singapore venture capital fund Feedback Ventures, taking total raised capital by Soho to over $8M.
Launched in 2018 by Airtasker co-founder Jonathan Lui, Soho uses artificial intelligence to personalise real estate searches, creating an instant list of properties matched to your criteria. Dubbed the ‘Tinder for Real Estate’, Soho’s unique PropertyMatch™ ranking and scoring engine allows its AI to continually search for the properties people want. It’s then as simple as swiping left or right on places you’re interested in.
Soho now operates in all Australian capital cities and key regional areas, featuring more than 150,000 properties. Users have been connected with more than 6 million recommended properties in that time and by working with more than 20,000 active agents every month, Soho gives users access to what they’re looking for the moment it’s available.
Jonathan Lui, Soho’s CEO, said they actually weren’t looking to raise more capital in 2023, after becoming cash flow positive earlier this year, but after Singapore-based PropTech fund Feedback Ventures approached them looking to fastrack Soho’s growth, they decided to create an exclusive pre-Series B round for the VC ahead of a larger Series B in 2024 to accelerate its presence across Australia and other markets.
“Soho’s growth has been amazing in the past year and with Feedback Ventures now coming on board as a lead investor, we know we’re bringing on a great capital partner with clear conviction on spearheading the AI evolution in real estate,” Lui said.
“With 2023 being our strongest year and soon coming to a close, 2024 is already shaping up to be an incredible year for Soho with several partnerships and AI products being launched for property seekers and real estate agents alike.”
Feedback Ventures Partner Ethan Cheng said they had built a relationship with Lui over recent years and can deliver valuable support to help with Soho’s global ambitions.
“Feedback Ventures is proud and excited to be part of Soho’s mission to create the next generation AI property search engine,” Ethan Cheng said.
“Jonathan and his team are one of the most exceptional teams we have encountered in the PropTech space, and we believe they are going to massively disrupt the status quo”
Designed for buyers and renters, Soho is completely free for real estate agents, their clients and registered users.