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§ Private Profile · 172, Itaewon-ro, Yongsan-gu, Seoul, South Korea
Proptech company providing DNK, a property management software system for real estate operations, serving property managers in Asia Pacific.
Dongnae is a Seoul, South Korea-based proptech startup that develops property management software for the Asia Pacific region, having recently pivoted from its original residential real estate brokerage and short-term rental platform. The company initially operated a multiple listing system and offered low-deposit furnished residential rentals to make housing more accessible for South Korean renters. In April 2024, the firm ceased its consumer-facing brokerage services and retired the Dongnae branding to focus exclusively on its enterprise software system, DNK. Prior to this strategic shift, the startup had secured $8.2 million in total venture funding and expanded its network to include over 70 brokerage partners. The company is backed by prominent venture capital investment firms including NFX, Flybridge, MetaProp, and Goodwater Capital. Dongnae was founded in 2020 by former WeWork executives Matthew Shampine and Insong Kim.
Dongnae has raised $45.7M across 3 funding rounds.
Dongnae has raised $45.7M in total across 3 funding rounds.
Dongnae has raised $45.7M across 3 funding rounds. Most recently, it raised $20.6M Debt / Series A in March 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 23, 2022 | $20.6M Debt Financing | NFX | Miguel Mckelvey, Daol Investment, Flybridge Capital Partners, Fursys, Hana Financial, Hana Magna, HAN River Partners, Maple VC, MetaProp | Announced |
| Feb 1, 2022 | $21M Series A | — | — | Announced |
| Dec 29, 2020 | $4.1M Seed | Flybridge Capital Partners, MetaProp | Goodwater Capital, Maple VC | Announced |
Dongnae is a South Korean proptech startup founded in 2020 that operates the Dongnae FLEX program, providing premium, furnished apartments in Seoul and Pangyo with significantly reduced deposits (around 10-15 million won, 98% lower than typical jeonse averages) and fixed monthly rents.[1][2][3] It serves young professionals, local Koreans (over 80% of users), and foreigners like business executives by simplifying rentals, guaranteeing landlord income, and handling management via professional services including cleaning, repairs, and credit-checked tenants.[1][3][4] Dongnae solves Korea's jeonse system's high lump-sum deposit barriers (e.g., 627 million won average in Seoul) by subleasing high-quality new apartments directly from landlords, while recruiting high-credit tenants and partnering with over 80 local brokers.[1][3][4] The company has raised $33.3M total, including a $21M Series A in 2022, managing over 150 units across 80 complexes, with a team of ~40 focused on tech, finance, and real estate expertise.[2][3][5]
Dongnae was co-founded in 2020 by Matthew Shampine (former GM of WeWork Korea, with a background in information science) and Kim In-song (COO, CSO), alongside CEO Min-geun Cha, CRO Suji Lee, and CFO Seon-ju Yuk (ex-JP Morgan, Citigroup), all drawing from WeWork's commercial real estate and finance experience across the US and Asia-Pacific.[1][2][4] The idea emerged amid shifting preferences from jeonse (lump-sum deposits) to monthly rents, driven by high costs like Seoul's 627 million won average jeonse versus 510,000 won monthly for one-bedrooms, creating barriers for young renters and landlords seeking stable income.[1][3] Early traction came from launching Dongnae FLEX for curated, low-deposit premium apartments, quickly scaling to 60+ properties in Seoul new complexes, expanding to Pangyo, and securing seed funding (including $4.1M extension led by NFX) before the $21M Series A.[3][4][5]
Dongnae rides South Korea's proptech wave, targeting the residential real estate market—Korea's largest asset class—by disrupting the fragmented jeonse system amid rising monthly rent demand and urbanization in Seoul.[1][3][4] Timing aligns with post-COVID easing, increasing foreign inflows (e.g., executives facing currency hurdles), and a new renter generation prioritizing flexibility over massive deposits.[3] Market forces like high jeonse costs (averaging $480K+ in Seoul) and broker inefficiency favor Dongnae's centralized, tech-driven model, partnering with brokers while digitizing management.[1][3][5] It influences the ecosystem via acquisitions like co-living platform Dears (Stevens), expanding into managed living, and fostering proptech-finance hybrids with strong institutional ties.[5]
Dongnae is poised to dominate Korea's proptech rental space by scaling beyond Seoul/Pangyo, launching mobile apps, and deepening tech (e.g., AI credit/data tools) amid growing demand for affordable premium housing.[1][3] Trends like foreign investment, urbanization, and jeonse decline will fuel growth, potentially via further M&A and fintech integrations. Its influence may evolve into a full residential platform, transforming fragmented rentals into a seamless marketplace—building on its low-deposit innovation to lead as Korea's go-to for modern renting.[3][5]
Dongnae has raised $45.7M in total across 3 funding rounds.
Dongnae's investors include NFX, Miguel McKelvey, DAOL Investment, Flybridge Capital Partners, Fursys, Hana Financial, Hana-Magna, Han River Partners, Maple VC, MetaProp, Goodwater Capital.