Yongle Technologies secures $1.5M seed financing

Yongle Technologies Inc., a real estate software company for presales, has secured $1.5 million in seed financing from undisclosed investors.

Yongle intends to use capital for hiring the needed talent to expand into the United States in 2018 and begin offering additional products to assist developers, project marketing companies, buyers and the real estate community.

The first condominium sales centre to implement Yongle’s software launched in British Columbia in April 2016. Yongle has since launched over 50 projects, representing more than $5 billion in presales, with developers and project marketing companies in Ontario, British Columbia and Alberta.

Yongle recently was selected as the platform to launch Canada’s tallest condominium building. The One Condo developer, Mizrahi Developments, chose Yongle’s software for the sale of its 85 storey project at Yonge and Bloor. Sam Mizrahi, President of Mizrahi Developments said: “Implementing Yongle into our sales process was a game changer. Considering the scale of our launch, it was important that Yongle’s software was reliable and time saving. Yongle exceeded expectations, allowing our team the time to engage with customers instead of tediously administering contracts.”

CEO and President, Richard Bell, stated “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. 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.”

rareEarth Project Marketing President and CEO, James Askew was the first to deploy the technology. “We were pleased to be the first to launch the Yongle software as we could see that the technology was exactly what the industry needed. I am not surprised by Yongle’s success. It has quickly become the industry standard,” commented Askew.

Founded in 2014, Yongle Technologies Inc. is a privately held company with offices in British Colombia and Ontario.

Yongle

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal and CanadaMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase.

Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.