Propseller, a Singapore-based PropTech startup, raised US$12m in Series A funding.
The round was led by Vertex Ventures Southeast Asia and India with participation from existing investors Hustle Fund, Iterative, and Rapzo Capital, and new investors Partech, ICCP SBI, Vulpes Ventures and Redbadge Pacific, as well as Jani Rautiainen (Co-founder, PropertyGuru), Marta Higuera (Co-founder, OpenAgent), Steffen Wicker (Co-founder and CEO, Homeday), and Tushar Garg (Co-founder and CEO, Flyhomes).
The company intends to use the funds to scale its core business model, expand its line-up of services and explore overseas markets.
Founded in 2018 by CEO Adrien Jorge, Propseller is a tech-powered real estate agency employing in-house salaried agents backed by technology and centralized operations. The model enables the company to control every aspect of a real estate transaction and to offer consumers a transparent way to sell a property for a commission as low as one percent.
The 50 people company plans to hire 200 new people across the marketing, operations, product, engineering, and sales and real estate functions.
In October 2020, Propseller raised US$1.2 million Seed funding from Hustle Fund, Iterative, XA Network, Rapzo Capital, Stein Jakob (Co-founder, Lazada) and Ben Neve (Founder, Dot Property). In 2021, Propseller observed a 1,000% growth of its revenue year-over-year and reached profitability.
FinSMEs
30/08/2022