Singapore-based proptech startup Propseller has secured $12 million in Series A funding. This round follows the $1.2 million in seed funding the company raised back in late 2020.
Who invested in Propseller?
The investment round was led by Vertex Ventures Southeast Asia and India. Also, the round saw participation from existing investors, including Hustle Fund, Iterative, and Rapzo Capital, and new investors Partech, ICCP SBI, Vulpes Ventures and Redbadge Pacific. Co-founders of several companies such 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) also invested in Propseller.
Plans to grow its team
The funds will enable Propseller to scale its core business model, expand its line-up of services and explore overseas markets. The company plans to hire 200 new people across the marketing, operations, product, engineering, and sales and real estate functions.
“Propseller is positioned at the cross-road of two major shifts in consumer behaviors, triggered by COVID. Firstly, the flight from offline to online for everything including high value items such as real estate. Secondly, an unprecedented work-from-home movement making millions of consumers wanting to move to a larger home than the one they are currently in. Over the last few years, we built the best solution to sell a home. It’s now time to open a new chapter and build the best solution not just to sell, but to move. We have a once in a lifetime opportunity to democratize wealth creation while building the largest transactional real estate brand ever seen,” Adrien Jorge, Founder and CEO of Propseller said.
Commenting on the investment, Carmen Yuen, General Partner, Vertex Ventures Southeast Asia and India, said, “We are excited to back Adrien and his team as Propseller is revolutionising the way we transact our homes in a more cost and time-efficient way, using technology and data. We’ve followed the Propseller team for more than 2 years now and they have demonstrated impressive resilience and growth over the years. We look forward to partnering and supporting them as they continue their exciting journey to transform real estate.”
Sell properties at 1% commission
Founded in 2018 by Adrien Jorge, Propseller employs in-house salaried agents and has centralised operations. It enables consumers to sell their properties with commission rates as low as 1 percent. This is half of the 2% commission charged by traditional real estate agencies in Singapore.
The business model enables Propseller to control every aspect of a real estate transaction and to offer consumers the most transparent and reliable way to sell a property. Its addresses the industry challenge by elevating the service for consumers while charging a lower cost.
In 2021, the Real Estate Consultants of Propseller closed in 25x more transactions than a traditional agent and consumers rated the service 4.8 out of 5 across over 500 public reviews.
