Philippine-based proptech startup AQWIRE has announced it has raised US$2.1 million in a Series A round of funding in a press release. The round of financing was led by Spiral Ventures.
Other participating investors include Singapore-based Gentree, PropertyGuru’s original investor Vulpes, Hong Kong’s Betatron Venture, and Steve Melhuish, Co-founder of PropertyGuru.
The newly acquired capital will be invested in increasing the startups product and expand into new markets in the region according to the statement.
The round of funding was hugely oversubscribed by US$4 million but the founders rejected some of the offers because of concerns of further dilution.
“We decided to raise less equity as the company has been profitable since 2019, generating US$1.7 million in revenue,” said Ray Refundo, CEO and Founder of AQWIRE.
Founded in 2018, AQWIRE fully utilizes Smart Contract technology to process cross-border real-estate transactions.
“Unlike most proptech which focuses on listing, we are also focusing on mortgage loans and cross-border property management,” Refundo added.