Dongnae Reinforces its Goal to offer South Korea its first MLS with New Funding Round

January 7, 2021

Dongnae, a company started by Matthew Shampine, a former WeWork Asia General Manager, is joining the proptech boom, aiming to digitize the real estate market in South Korea. 

Recently, the platform has closed a seed round with $4.1 million, led by Flybridge and MetaProp, bringing Dongnae’s total funding to $4.8 million. 

The real estate market in Korea works in a very specific way. Most housing buildings have their own brokers. The ratio of brokers to properties is so great, there is actually the same number of brokerages in South Korea as there are in the States. 

Dongnae works like U.S. real estate company, Redfin. It offers buyers and renters a centralized place to search for properties. Dongnae has partnered with thousands of brokers in order to build a proper MLS for South Korea, something that hasn’t been done yet. 

Shampine explains:

“It’s not necessarily a franchise but it’s a really close partnership.”

Dongnae has been slowly building its digital inventory by reaching out to individual complexes, gathering 4K images, and watermarking them for the brokers while listing them on its own platform.

Dongnae is fairly new, having launched in the midst of the pandemic earlier last summer. In July of 2020, it raised significant funding from several angel investors in an initial seed funding round.

January 7, 2021
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Cooperrocketacq
Rocket to Acquire Mr Cooper Mortgage Service for $9.4 Billion

Rocket Companies has announced a $9.4 billion all-share deal to acquire Mr. Cooper, the largest mortgage servicer in the United...

Read More
Scout24 German Houses 1
Scout24 Closes Another Data-Focused Acquisition

Germany-based marketplace operator Scout24 has continued its expansion into real estate data with the acquisition of Austrian proptech firm ImmoUnited....

Read More
People Roundup 28Mar 2
People Roundup: Aviv Group, Pisos.com, Kleinanzeigen, REA India, Anjuke

There have been several high profile C-suite moves in this week's People Roundup. We'll start in Europe...   Europe: Aviv...

Read More
Product Update 2025Mar28 3
Product and Services Roundup: Zoopla, ViewIt

This week's Product Roundup starts in the UK, where it's all about Zoopla...   UK: Zoopla's MyHome product is used...

Read More

Editor's Pick