Glorax Infotech invests rub 100 mln in Protech-project for on-line transactions
After pilot testing powered by the Glorax Infotech accelerator and having gone through all selection rounds, the RealPrice project received a startup investment of RUB 100 mln. The project team is planning to allocate the funds to project scaling and using it as a basis for creating the first ecosystem in the real estate market.
In the future, RealPrice will enable users to make turnkey real estate sales transactions without even leaving their home and in a short time frame.
Cooperation of the Glorax Infotech accelerator and the project team started back in October, when upon the 3rd competitive selection it was decided to launch the trial project with the Realtyteka team (initial name of the platform). The startup business model was tested in real market conditions and involved a partner real estate agency. The trial helped to identify the main competitive advantages of the platform and confirmed its relevance in the Russian market. As a result, it was decided to proceed with the investment and a large-scale market launch under the brand name RealPrice.
“I recognized an ecosystem potential that the Realtyteka startup had, so after it successfully passed all the selection stages, I suggested that the team scaled up and created the first comprehensive ecosystem in the real estate market. I see a great opportunity for RealPrice on the PropTech market. The team has extensive expertise in IT and the real estate market. Such synergy will give a strong foundation to the project,” said Andrey Birzhin, founder of Glorax Group, head of the Glorax Infotech accelerator.
RealPrice is planned to simplify real estate sales transactions, as well as provide a set of corresponding real time functionalities and services. For example, the project website already allows you to use real estate appraisal or title exam services. In the future, the platform will broaden the scope of services to cater for all client needs, from selling an apartment to its subsequent fit-out. Most of the services are currently being tested.
One of RealPrice’s advantages for clients is its completely remote format of partnership and guaranteed transaction terms. For example, in cases an urgent buyout is required, the company pledges to perform the transaction within five days if the owner has the required package of documents. Even now, RealPrice provides some of these services – real estate appraisal and urgent buyout – using AI.