Yongle Technologies has raised $1.5 million in seed funding to build up its real estate software.
The Vancouver-based company’s sales management software facilitates a paperless end-to-end purchase of a new home. The point-of-sale system was created for real estate developers manage their sales process, and provide home buyers a vastly improved experience by allowing them to sign on their phone or table and manage all of their purchase documents in a centralized online portal.
“The adoption rate has been incredible. We knew the technology would be impactful but did not really appreciate the magnitude of the pain for developers and project marketing companies running a paper-based process,” said Yongle CEO Richard Bell.
Yongle announced in a release it will use the new injection of capital to hire talent and expand its sales into the United States in 2018.
“Our technology eliminates paper, errors and rekeying of information and provides clients with real time data that enables them to manage the sales process anytime from anywhere minute by minute,” Bell added.
Yongle was selected as the platform to launch Canada’s tallest condominium building: The One, a 85-storey building at Yonge and Bloor.
“Implementing Yongle into our sales process was a game changer,” said Sam Mizrahi, the president of Mizrahi Developments, the developer of the One Condo building. “Yongle exceeded expectations, allowing our team the time to engage with customers instead of tediously administering contracts.”
With the new funding, the company also said it has its eyes on extending its product line to better assist developers, project marketing companies, buyers and the real estate community.
Since April, 2016, Yongle has launched over 50 projects that totalled more than $5 billion in home presales in Ontario, British Columbia and Alberta.