Vertex Ventures leads $12m round in Propseller proptech firm
/f/174198/1200x629/77829f657b/propseller-pr-hero.png)
Propseller, a Singapore-based proptech firm, has raised US$12 million in a series A funding round led by Vertex Ventures Southeast Asia and India, with participation from Partech, ICCP SBI, Vulpes Ventures, and Redbadge Pacific.
Founded in 2018, Propseller is a real estate agency that connects property sellers with a curated list of brokers or agents. It only charges a one percent commission fee on every transaction, which is half the market rate in the city-state.
The company said that it hit profitability last year after logging a revenue growth of 11x from the previous year.
Propseller was established by Adrien Jorge, former Groupon’s general manager in Southeast Asia. In October 2020, it raised US$1.2 million in seed funding from Hustle Fund, Lazada’s co-founder Stein Jakob, and Dot Property’s founder Ben Neve, among others.
The firm plans to use the fresh funding to expand its offerings and expand into other countries. It also wants to increase its headcount by 5x to 250 people across product, sales, and operations functions.
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.”
Read here on how Adrien, CEO and cofounder of Propseller star
About Propseller
Propseller is Singapore's No. 1 tech-powered real estate agency. Our mission is to help our clients achieve the most when making one of the biggest financial decisions of their life: selling, buying, or renting real estate. We do that by offering them the state of the art real estate agent service of the 21st century.
Read about how Adrien got started on this Real Estate startup here.
Press releases:
**For the latest news on Vertex Ventures SE Asia and India and our portfolio companies, follow us on Linkedin or** subscribe to our monthly newsletter.
