Airtasker cofounder Jonathan Lui’s proptech app, Soho, banks $750,000 to hit $20 million valuation

Property buying discovery app Soho.com.au has raised $750,000 from Singapore proptechVC Feedback Ventures in a deal that values the startup at more than $20 million.

Launched in 2018 by Airtasker cofounder Jonathan Lui, and described as “Tinder for real estate”, Soho uses artificial intelligence to personalise real estate searches, creating an instant list of properties matched to your criteria. The platform’s PropertyMatch ranking and scoring engine allows its AI to continually search for the properties people want, then swipe left or right on places they’re interested in.

Soho has now raised more than $8 million in capital over the last five years and now operates in all Australian capital cities and key regional areas, featuring more than 150,000 properties.

Users have been connected with more than 6 million recommended properties since its launch with Soho collaborating with more than 20,000 agents monthly for access listings.

Jonathan Lui, Soho’s CEO, said they weren’t looking to raise more capital in 2023, having become cash flow positive earlier this year. But when the VC approached them looking to fast-track his startup’s growth, they decided to create an exclusive pre-Series B round for the VC ahead of a larger Series B in 2024

“Soho’s growth has been amazing in the past year and with Feedback Ventures now coming on board as a lead investor, we know we’re bringing on a great capital partner with clear conviction on spearheading the AI evolution in real estate,” he said.

“With 2023 being our strongest year and soon coming to a close, 2024 is already shaping up to be an incredible year for Soho with several partnerships and AI products being launched for property seekers and real estate agents alike.”

Feedback Ventures partner Ethan Cheng said they had built a relationship with Lui over recent years and can deliver valuable support to help with Soho’s global ambitions.

“Feedback Ventures is proud and excited to be part of Soho’s mission to create the next generation AI property search engine,” he said.

“Jonathan and his team are one of the most exceptional teams we have encountered in the PropTech space, and we believe they are going to massively disrupt the status quo.”

Unlike traditional, search-based platforms that charge agents fees and simply prioritise search results by highest paid to lowest paid listings, Soho is free to use.