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Zigbang Strengthens PropTech Leadership with Smart Home Expansion

Proptech

Business Honor
21 April, 2025

Zigbang accelerates PropTech exposure through smart home expansion, tech innovation, and the whole life cycle of housing solutions.

South Korean PropTech market leader Zigbang recorded full-year sales of KRW101.4 billion ($70.9 million USD) in 2024, its second consecutive year above the KRW100 billion mark. After a year-on-year fall of 21.8% to KRW129.7 billion in 2023 due to prolonged immobilization in real estate and construction sectors, the company showed firm resistance on the strength of operational turnaround as well as strategy spearheaded by innovation.

Zigbang, which was initially a rentals app in 2012, has grown to become South Korea's top PropTech platform. Its platform includes digital housing solutions, smart home technology, and real estate transactional solutions. In 2024, the company reduced its operating loss by 30% to KRW28.7 billion, EBITDA losses declining 41% to KRW16.7 billion—strong evidence of enhanced financial prudence and underlying fundamentals.

Among the biggest challenges was amortisation of intangible assets after Zigbang acquired Samsung SDS's Home IoT business in 2022. But the company has doubled down on innovation for smart homes, simplifying production and sales as a move to combat inflation and market volatility.

Zigbang's subsidiary, Hogangnono, launched ApartmentPRO and ApartmentBASIC as new tools to support real estate brokers, as well as ad solutions targeting the secondary market. Such agent-based capabilities allow Zigbang to fulfill its mission to make the entire home life cycle digital—listing and browsing via closing and after-sale smart living.

In the coming years, Zigbang will grow its B2C smart home solutions and B2B building solutions. CEO Jason Ahn reported a profitable Q1 2025 on the basis of enhanced service delivery and technology efficiencies. With previous investor funding and the 2022 $77 million raise, the company remains well-positioned for a future IPO.

Zigbang's continued emphasis on innovation places it at the vanguard of Asia's early PropTech revolution.