Propseller, Singapore PropTech Start-up, Raises US$12M in Series A Led By Vertex Ventures
Founded in 2018, Propseller is a tech-powered
real estate agency employing in-house salaried agents backed by technology and centralized
operations. The 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 for a commission as low as one percent - half the market
rate in Singapore.
“We believe that people deserve extraordinary
service when selling their home, which often represents 70% or more of their
wealth. Yet, consumers are still dealing with property agents who close on
average less than 2 sales transactions per year each while generally charging a
two percent commission. Our business model addresses this industry challenge by
elevating our service for consumers while charging a lower cost. Our Real
Estate Consultants each closed in 2021 25x more transactions than a traditional
agent and consumers rated our service 4.8 out of 5 across 500+ public reviews, all thanks to our
technology.” 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 revolutionizing 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.”
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.
“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
added.
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About
Propseller
Propseller is the Modern Real Estate Agency
that stands by you - Singapore's number one tech-powered real estate agency
offering the most reliable way to successfully and efficiently sell, buy or
rent a property.
For more information, please visit https://propseller.com/
About
Vertex Ventures Southeast Asia and India
Vertex Ventures Southeast Asia and India
invests in high-growth start-ups seeking their first round of institutional
venture capital funding in Southeast Asia and India, with a primary focus on
Singapore, India, Indonesia, Thailand and other emerging hubs of innovation
across the region. It has a long and strong track record of investing in
early-stage start-ups and building champions like Grab, PatSnap, 17Live, Nium,
FirstCry, Licious, AsianParent, Validus, Warung Pintar, Aruna and others.
Vertex Ventures Southeast Asia and India is
part of the Vertex global network of venture capital funds. Its global network
also comprises affiliates in Silicon Valley, China, and Israel. A trusted
partner to some of the world’s most innovative entrepreneurs, Vertex supports
its portfolio companies with unmatched operating experience and deep access to
the capital, talent, partners, and customers they need to build truly global
businesses.
For more information, please visit https://www.vertexventures.sg/
Media enquiries: Joseph Ng (joseph@redhill.asia) | Chan Preet Bhasin (chanpreet.bhasin@redhill.asia)