Matthew Shampine is the co-founder and CEO of Dongnae, a state-of-the-art Seoul property discovery and service centre. Matt was part of the WeWork founding team and co-founded WeWork Labs – a WeWork startup incubator with more than 100 sites in five continents before the creation of Dongnae. In 2015, as a member of a 3-pedal team-leading WeWork’s expansion into Asia and Australia, we took on the role of general manager for WeWork Korea as Managing director APAC and moved to Korea in 2018.
Rotation under Flybridge and MetaProp:
Matthew Shampine is a non-profit member of the Board of directors of GOA’L to support Korean adoptees and LiNK, which supports North Korean refugees directly. Even though the pandemic keeps us most of the time in one place, protect continues to depart. And not only in the United States. Dongnae aims to summarize the South Korean market for rental and home purchases. The startup announces that the seed rotation under Flybridge and MetaProp, led by Goodwater Capital.
Total funding of Dongnae at 4.8 million dollars:
It puts the total funding of Dongnae at 4.8 million dollars. Matthew Shampine, who was born in Korea but grew up in New Jersey, founded the company. Shampine ran WeWork Asia and then established the massive coworking firm’s arm in Asia and, more particularly, in Korea. Shampine was moving a lot and realizing the enormous hole in the highly fragmented Korean real estate market. Dongnae resembles Redfin in the United States very similarly.
The Korean Immobilien Market:
For the time being, the startup is only on the buyer-renter side, partnering with thousands of brokers in Korea in building the first actual MLS in Korea (multiple listing system). An important context: The Korean Immobilien Market is very different from that in the countries. First, most buildings have their dealer on the ground floor, so thousands of brokers in Korea have only a limited number of properties. Matthew Shampine says that in Korea,
There is no actual MLS in Korea:
Secondly, there is no actual MLS in Korea which unifies all available properties due to the fragmentation between brokers. Renters and buyers need to work with dozens of brokers and usually need to go to the premises in person instead of browsing online photos. It also means that both the buyer and the seller often represent brokers, so they do not always negotiate for the buyer’s best interests to centralize all listings in one place.
Dongnae offers the buyers a Tinder-like experience that allows them to swipe right and left into their homes to learn more and more about what they are looking for. Dongnae does not differ from Airbnb and moves from complex to complicated, builds a digital stock for every listing, collects 4K photos and watermarks, returns them to the broker, and lists them on Dongnae. It’s not a franchise, necessarily, but it’s a very close relationship,” Shampine said.
The team consists of 25 people and Dongnae:
Dongnae makes money, like every other broker that is around 8% in Korea, by taking a buyer-side fee. The team consists of 25 people. Whether you want to rent a home or own it, South Korea has exceptionally time-consuming and hard work to do. The hunting companies must go from one property agency to another to find the right one to fit their budget.
Matthew Shampine, former general manager of the WeWork Korea coworking giant, also found a perfect house hard to find. The newly acquired entrepreneur came up with an idea while searching for a home for his family – to build an online platform where huntsmen. It can obtain tailor-made information on seasoned local real estate sales and rent throughout the home search process—several factors, including the nearness to education resources, travel times, and the district itself.
Operates the Dongnae real estate:
Shifting from the business to the residential sector, Shampine launched DN Korea, the company that operates the Dongnae real estate platform, which means the Korean Quarter. Since leaving WeWork in August last year, He has met with co-founder and head of the operating division, In song Kim, several entrepreneurs and experts from local residential property, startup and protect markets. Kim was an early WeWork Korea member who helped expand the domestic coworking company.
The Korea Herald that In song:
In a Tuesday interview, Matthew Shampine, the DN Korea Chef, told The Korea Herald that In song and I wanted to take everything we learned at WeWork and put everything into this new enterprise.” “People always need a place to live, and it’s important for us (at a company) to understand how we can help improve our entire lifetime.” The Dongnae platform allows customers to quickly find the right place, with the help of partner brokers, depending on their needs and purposes, whether schooling.
Dongnae serves as an interacting platform:
However, Dongnae serves as an interacting platform that offers customers tailored advantages, Matthew Shampine. We attempt, through consultation, touring, negotiation and to the actual process, to provide full-stack services,” he said. The Seoul-based company was first founded in March this year and focused on newlyweds for whom it is tough to buy a house because they haven’t done that before. The company also uses state-of-the-art technologies for real estate agents, including artificial intelligence and virtual reality.
Like WeWork, Dongnae focuses on the development, according to DN Korea CEO, of a valuable community for its participants — local broker. Dongnae’s office will thus be set to open in August and will not be the typical property agency but will serve as a community centre for the company’s consultants. 1% of the company’s real estate sales revenue on the Dongnae platform is returning to the neighbourhood.
Boston-based risk capital company:
Although the company is in its infancy, the pre-seed funding round led by the Boston-based risk capital company Flybridge has been completed. Investments from several angel investors in Korea and the USA have also attracted it. Despite its fresh start, its previous workplace, the left CEO and reduce its scale. Sharing enterprises are currently engaged in a transitional process. He said, emphasizing that the enterprise would eventually overcome current problems.
Asia as the Managing Director of WeWork APAC:
Although during those nine years there have been extreme ups and downs, I’m thankful for this and where it brought me,” Matthew Shampine said. I could meet my wife, experience and do business in China and Korea, travel and learn about so many cultures.
Shampine is one of WeWork Lab’s founding members, also known as Cha Min-Geun. Before his return home from the United States in 2015, he led the company’s expansion into Asia as the Managing Director of WeWork APAC. Matthew Shampine wife, or Kim, Hyun and Matthew Shampine, or Matthew Shampine LinkedIn, WeWork, Donghae.