Sugarhill, the startup behind commercial real estate platform Nemo, has landed 3 billion won (USD $.2.7m) in venture capital. The Series A funding was made up of 1.5 billion won from K Cube Ventures, 1 billion won from Geon Investment and 500 million won from KEB Hana Bank.
Launched in April, Nemo is an online real estate service where small and medium sized businesses can list commercial premises for sale such as offices, buildings and shared spaces. Nemo makes it possible for users to upload photos and manage listings from its web or mobile platform.
In the 7 months since Nemo went live, over 32,000 locations have been listed, 1,600 businesses registered and 180,000 users have signed up for the website. Sugarhill says it is currently focusing on upgrading its platform with big data analysis that provides information on population, types of businesses and sales data for certain areas.
“Nemo is a service that maximizes accessibility and transparency by collecting real estate information for newly registered commercial buildings and offices,” says CEO Lee Yong-il. “Using this opportunity, we will work with our investment partners to support entrepreneurs and aim to swiftly lead the commercial real estate market.”
K Cube Ventures Partner Shina Chung says the company has shown rapid growth at an early stage thanks to the insight and experience from Lee who cofounded Dabang, a leading online service for affordable rentals.
Sugarhill also received 1.2 billion won in investment from K Cube Ventures and Geon Investment last July and has now raised a total of 42 billion won in venture capital.