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Proptech startup\u00a0Dongnae<\/a> said Tuesday it plans to acquire Stevens, a South Korean company that operates co-living business Dears<\/a>.<\/p>\n The two companies did not disclose the acquisition price, but Dongnae said it will purchase Stevens with a mix of cash and equity. The Seoul-based proptech outfit previously raised a total of $34 million, including\u00a0a $21 million Series A round<\/a> it announced last year. Dongnae expects to close the transaction by the end of September. The company\u2019s investors include the likes of NFX, Daol Investment, Hana Financial, MetaProp, Maple VC and WeWork co-founder Miguel McKelvey.<\/p>\n Dongnae\u2019s primary product, Dongnae FLEX, offers a furnished apartment rental on its platform with flexible lease terms for as short a period as four weeks and lower rental deposits.<\/p>\n The addition of Dears will allow the company to upgrade the Dongnae FLEX service, manage properties \u201cwith a collective AUM of over $400 million,\u201d and span 90 apartment complexes across Seoul and Pangyo, where a host of tech firms, including Kakao and Naver, are located. Dears Pangyo<\/a> has more than 520 studio flat units in Pangyo.<\/p>\n The outfit also will co-manage the Dears Myeongdong<\/a>\u00a0building in Seoul alongside\u00a0Xi S&D<\/a>. Dongnae will manage commercial spaces of Dears Myeongdong, consisting of B1, 14F and the rooftop, co-founder and CEO Matthew Shampine said, adding that Xi S&D will operate Dears Myungdong\u2019s 112 units that offer both short- and long-term stays.<\/p>\n Dongnae says this is its first acquisition. The current leadership team at Stevens will join Dongnae to support expansion and continue to build on their progress to date, Shampine told TechCrunch.<\/p>\n \u201cWe are in active discussions with a number of landlords and land developers to open more buildings to be operated as and through Dongnae,\u201d Shampine said.<\/p>\n Former WeWork executives Shampine and Insong Kim co-founded Dongnae in 2020 to digitize South Korea\u2019s fragmented real estate market. In South Korea, people have to work with dozens of brokers to find a new home, and there are two options to pay rent in the country: paying a monthly fee (just like in many parts of the world) and paying everything in advance, called Jeonse.<\/p>\n