Zipgrid, a startup that provides technology and knowledge services to housing and commercial communities, has raised $500,000 (Rs 3.25 crore) in a pre-Series A round of funding from property consultancy firm Jones Lang LaSalle (JLL) and existing investor 1Crowd, a crowdfunding platform.
Zipgrid, run by MyAashiana Management Services Pvt. Ltd, will use the funds to upgrade its technology infrastructure and operations, according to a company statement. It will also use the capital to deploy a range of collective commerce solutions for individual residents as well as residential communities.
Zipgrid was co-founded by Jaydip Popat and Kunal Gupta in August 2013. In August 2016, Zipgrid raised seed capital of $250,000 from 1Crowd.
JLL made this investment through its JLL Technology Ventures vertical, which it launched last year to back realty-tech firms.
“The asset management space is transitioning into a managed services model where technology is starting to play a major role,” said Anuj Nangpal, head of JLL Technology Ventures.
According to JLL, over 35 million households reside in organised communities in the top 50 city clusters in India. Zipgrid aims to tap into a market opportunity of $2 billion and is slated to grow as such households increase to over 100 million by 2025.
It offers services including accounting, finance, compliance and control management solutions.
Crowdfunding platform 1Crowd, run by Zeva Capsol Pvt. Ltd, was founded in September 2015. It is engaged with six startups through its incubation and acceleration programmes.
JLL Technology Ventures previously invested in Hyderabad-based interior designing and home décor startup Foyr.com and Noida-based employee transportation services startup Cloud 1.
The investment fund focuses on early-stage companies that need $100,000 to $2 million to go from proof-of-concept to growth in a period of around 12-18 months. The fund planned to invest in 10-15 early-stage companies in the first 12-18 months.