Total amount raised
$13.4 Millions
Latest funding date
08/01/2022
Location
Title
Propseller has successfully raised significant funding over multiple rounds, positioning itself as a key player in the real estate market. The platform offers a comprehensive suite of services for selling, buying, and renting properties, supported by a dedicated team of experts.
Keep reading to delve into the details of Propseller's funding journey and the investors who are backing this innovative real estate platform.
What Is Propseller?
Propseller, founded in 2019, is a property agency based in Singapore. The company specializes in selling, buying, and renting real estate, leveraging a team-based approach and technology to offer efficient services.
With a dedicated team of around 100 employees, Propseller aims to provide top-notch property services. The company has successfully closed over 3,500 transactions since its inception.
Although the founders' names are not publicly available, Propseller's commitment to innovation and customer satisfaction has made it a prominent player in the Singaporean real estate market.
How Much Funding Has Propseller Raised?
- First Seed Round
- Amount Raised: SGD $1 million (approximately $737,000)
- Date: December 2018
- Motivation Behind the Round: Initial seed funding to support the launch and early operations of Propseller.
- Second Seed Round
- Amount Raised: $1.2 million
- Date: October 19, 2020
- Lead Investors: Iterative, Hustle Fund, XA Network, Rapzo Capital, Lazada co-founder Stein Jakob Oeie, Dot Property founder Ben Neve, and three undisclosed strategic investors
- Motivation Behind the Round: To further develop and expand Propseller's technology platform and operations, enabling quicker transactions and reduced commission fees.
- Series A Funding Round
- Amount Raised: $12 million
- Date: August 29, 2022
- Lead Investors: Vertex Ventures Southeast Asia and India
- Motivation Behind the Round: To scale Propseller's business model, expand its offerings, and enter overseas markets.
Total Amount Raised: $13.937 million
Current Valuation: Not publicly disclosed
Key Investors
- Vertex Ventures Southeast Asia and India
- Details: Vertex Ventures Southeast Asia and India is a venture capital firm that invests in high-growth technology companies. They led Propseller's Series A funding round.
- Investment Focus Areas: Technology, data-driven solutions, real estate
- Notable Investments: Grab, PatSnap, Nium
- Hustle Fund
- Details: Hustle Fund is a venture capital firm that focuses on early-stage startups. They have been a returning backer in Propseller's funding rounds.
- Investment Focus Areas: Early-stage startups, technology, various sectors
- Notable Investments: Webflow, NerdWallet, Canva
- Iterative
- Details: Iterative is a startup accelerator and investment firm that supports early-stage companies, particularly in Southeast Asia. They have invested in multiple rounds for Propseller.
- Investment Focus Areas: Early-stage startups, technology, Southeast Asia
- Notable Investments: Spenmo, Glints, Aspire
- Rapzo Capital
- Details: Rapzo Capital is an investment firm that focuses on early-stage technology-driven companies. They have been involved in Propseller's funding rounds.
- Investment Focus Areas: Early-stage investments, technology, innovation
- Notable Investments: Various early-stage tech startups
- Partech
- Details: Partech is a global investment firm that supports technology and digital companies across various stages. They joined Propseller's Series A funding round.
- Investment Focus Areas: Technology, digital companies, various stages
- Notable Investments: Sendinblue, Made.com, Alan
What's Next for Propseller?
Propseller is poised to capitalize on the growing trend of digital real estate transactions. With plans to scale its business model, expand offerings, and enter overseas markets, the company is set to hire 200 more employees. This expansion could significantly increase its market share, especially as the real estate sector rebounds post-COVID-19.
Future fundraising opportunities seem promising, given the successful Series A round and the planned growth. However, Propseller will face challenges from established competitors and the need to maintain low commission rates while scaling. Navigating these hurdles will be crucial for sustaining its innovative approach in the competitive real estate market.
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