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Property tech start-up Pegaxis seeks $3 million in Series A funding this year

Sharanya Pillai
Sharanya Pillai8/7/2017 08:00 AM GMT+08  • 6 min read
Property tech start-up Pegaxis seeks $3 million in Series A funding this year
(Aug 7): When Ted Poh did a short stint as a property officer in a condominium, he was suspected of receiving under-the-table money. Poh had awarded several contracts to the same vendor on the basis of its service quality, but a council member questioned
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(Aug 7): When Ted Poh did a short stint as a property officer in a condominium, he was suspected of receiving under-the-table money. Poh had awarded several contracts to the same vendor on the basis of its service quality, but a council member questioned whether he had a personal interest instead. The experience taught him the importance of transparency.

Poh, who used to be a corporate lawyer, is the founder of a property management platform called Pegaxis. His online B2B platform helps property managers procure quotations for maintenance services such as roadworks and building repairs. And it has a marked emphasis on transparency. For instance, property managers cannot view the values of bids submitted by vendors during the tender process. This prevents managers from arranging for a favoured company to undercut other bidders. The digital interface also allows council members to keep track of quotations coming in, rather than getting second-hand information from the manager.

Council members are not trained in procuring maintenance works, Poh points out. They therefore have to rely on managers to carry out tenders with integrity. “This unequal balance of power is what results in kickbacks and corruption. Most council members know that power is very one-sided and are always suspicious,” Poh says. Pegaxis aims to not only ease the administrative burden of property managers but also improve accountability. “Instead of going around trying to catch the culprits, Pegaxis serves as a preventive measure.”

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