New Delhi:- Dongnae, a tech startup, announced on Tuesday that it wants to buy Stevens, a company in South Korea that runs a co-living business called Dears.

The two companies did not reveal how much money Dongnae will use to buy Stevens, but it will be a combination of cash and ownership in the company. The company from Seoul that uses technology to solve real estate problems has collected a sum of $34 million in funding. This includes a round of investment called Series A that they revealed last year, which amounted to $21 million. Dongnae plans to finish the deal before September ends. The company has investors like NFX, Daol Investment, Hana Financial, MetaProp, Maple VC, and WeWork co-founder Miguel McKelvey.

Dongnae has a main product called Dongnae FLEX. It allows people to rent furnished apartments for as little as four weeks and with smaller deposits.

Also Read:- India Achieves Self-Reliance in Pharma-Industry, Starts production of 38 APIs in 1.5-yrs

Adding Dears to the company will enable them to improve the Dongnae FLEX service, handle properties with a total value of over $400 million, and cover 90 apartment complexes in Seoul and Pangyo. These locations are home to many tech companies like Kakao and Naver. Hi there, Pangyo has over 520 small apartment units called studio flats.

The outfit will also help manage the Dears Myeongdong building in Seoul with Xi S&D. Dongnae will take care of the shops and areas in Dears Myeongdong. This includes B1, the 14th floor, and the rooftop. The CEO, Matthew Shampine, mentioned that Xi S&D will run the 112 units in Dears Myungdong. These units are available for both short and long stays.

Dongnae claims that this is the first time they have bought another company. The current leaders at Stevens will join Dongnae to help them grow and keep making progress, said Shampine.

"We are currently talking to many landlords and land developers about opening additional buildings that will be used for Dongnae," Shampine said.

Shampine and Insong Kim, who used to work for WeWork, started Dongnae in 2020 to make South Korea's real estate market easier to use by using technology. In South Korea, people have to work with many brokers to find a new home. There are two ways to pay rent in the country: paying a monthly fee like in other places or paying all the rent in advance, which is called Jeonse.

Also Read:- India's Technological Ascent: Unveiling the Nation's Ambitious Plans for Technology

The co-founders of Dongnae want to change the way people rent homes in Jeonse, a unique rental system in the country. They aim to offer lower rental deposits and more flexible rental agreements. This system lets people rent an apartment by paying a big amount of money at once, which is about 70% of the apartment's value, instead of paying rent every month.

"Since our funding round in March of 2022, our main focus has been on expanding our collection of real estate properties, gathering feedback from customers, and developing the required technology to provide a more improved renting experience for homes in Korea," stated Shampine

The company has spent a lot of money and effort to improve how customers feel when using their products or services since the previous year. The company has made the whole leasing process electronic instead of using lots of paperwork. They have also added a digital real estate consultant named Suzie, who uses artificial intelligence. Suzie is like a talking robot that helps people find out information about housing or the apartments in Dongnae. She can speak in any language.\

Also Read:- Unlocking the Secrets of Successful Entrepreneurship

"According to Shampine, there has been a lot of new and creative ideas in the housing rental market all over the world in recent years. Examples include Adam Neumann's Flow and companies like Mint House, Zeus Living, and Blueground in America, as well as Cove and Habyt in Asia and Europe. " "Our team is dedicated to improving the renting process in Korea. "

You can now download Dongnae's application on Android and iOS devices.

Also Read:- India to Launch BRICS Startup Forum for Boosting Startups, Investors, and More: Goyal

The Dongnae company has announced that it plans to buy the South Korean co-living company, Dears. However, the exact amount of money required for the acquisition has not been revealed by the owners of both companies. It is worth noting that the proptech brand had previously raised $34 million in series A funding.