Turkish Proptech Start-up Lands $5M Seed Round

Istanbul based Apsiyon is building out a property management platform with global ambition

by Annie Musgrove in TechEu on March 18, 2020

apsiyon tech.eu

Apsiyon, an Istanbul-based property management software, has raised $5 million in a round led by Earlybird VC’s Digital East Fund with participation from angel investor Jak Baruh. The company plans to use the funds for international expansion, regional acquisitions, and fuel for becoming an all-around marketplace of lifestyle services for residents.

Founded in 2012, the Turkish proptech startup envisions its platform as a one-stop-shop for both property managers and tenants — handling tasks from rent payment to room reservation to food delivery.

CTO Meriç Akdamar explained, “Apsiyon is built on a distributed microservice architecture. […] We can instantly service our users with an unlimited number of modules such as CRM, finance, electronic payment and digital reservation.”

The product is designed for upscale mixed-use real estate developments. In addition to practical functions such as bill payment, energy monitoring, and community networking among residents, the Apsiyon software integrates concierge services and e-commerce loyalty programs. For instance, thanks to a recent partnership with a dark store startup in Turkey, İstegelsin, residents can order fresh food, night or day, through the Apsiyon mobile app.

The company seems to be thinking far beyond property management — indeed beyond proptech software — aiming for a comprehensive “life management” brand, a marketplace with integrated services that cover any day-to-day issue.

CPO Erkan Dogan revealed the far-reaching ambitions of the startup: “We are striving to become an essential tool for residents. We are not as mobile and flexible as we want to be at home or at the office. We apply for tourist visas but we do not have the supporting travel insurance, we have a last minute meeting but do not have anyone to leave the kids with, or we are locked out of our house; we want Apsiyon to be the go-to-brand to resolve issues when we are in need the most.”

New investor Jak Baruh commented on the market potential for the software: “We are in a period where major multi-use high-rise developments are being approved in Europe. Even historic cities like Paris are softening the protocols on high-rise developments to allow for an expansion in modern developments. These mass modern developments need technology for efficient management.”

Each month about 500 new gated communities sign up, reports the company, which currently has customers in Cyprus, Macedonia, Ukraine and Azerbaijan. With the new funding, the company plans to enter additional markets in the Middle East and in Europe, with sights set specifically on the UK, Germany, and Spain.

CEO Kudret Turk added, “We will be on the lookout for any potential acquisitions that will support our regional expansion plans in Turkey and we will also review acquisitions that can speed up our vision on becoming a trusted marketplace for residential needs.”


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unsplash-logoTheodoris Katis