South Korean startup, Tera Funding, which managers peer-to-peer (P2P) lending for real estate developers, has announced it has raised a total of 22 billion won (approximately $18.2 million) in a series B funding round from multiple participants.
New investors in the round include KB Investment, Hana Ventures, Industrial Bank of Korea, Union Investment Partners and Woomi Construction.
Of them, Seongnam-based construction firm Woomi has formerly invested in prop-tech startups Zigbang and Spacewalk.
The round was also joined by existing investors SBI Investment, Atinum Investment and Redbadge Pacific.
“Tera Funding is an alternative means to raise funds by developers of small and midsized residential areas, instead of conventional lenders,” said Lee Ji-ae, Director of KB Investment who led the round. “We highly valued (Tera Funding’s) robust growth, revenue model and potential to improve the real estate value chain.”
Tera Funding has offered provincial home builders loans at around 10 percent interest rate, an alternative to loan sharks.
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