• Used to scale enterprise mannequin, discover abroad markets
• Hustle Fund, Iterative, Rapzo Capital participated on this spherical

Singapore-headquartered startup Propseller introduced a US$12 mil (RM53.7 mil) Sequence A funding led by Vertex Ventures Southeast Asia and India.

In a press release, the agency stated this spherical noticed participation from present traders, Hustle Fund, Iterative, and Rapzo Capital. New traders embody Partech, ICCP SBI, Vulpes Ventures and Redbadge Pacific. 

The startup stated the spherical additionally noticed participation of a dream-list of distinguished proptech founders comparable to Jani Rautiainen (co-founder, PropertyGuru), Marta Higuera (co-founder, OpenAgent), Steffen Wicker (co-founder and chief govt officer (CEO), Homeday), and Tushar Garg (co-founder and CEO, Flyhomes).

Propseller stated the funds will allow the corporate to scale its core enterprise mannequin, broaden its line-up of companies and discover abroad markets. 

It additionally plans to rent 200 new folks throughout the advertising, operations, product, engineering, and gross sales and actual property features.

Based in 2018, Propseller is a tech-powered actual property company that employs in-house salaried brokers backed by know-how and centralised operations.

This mannequin has enabled the corporate to manage each facet of an actual property transaction and to supply customers essentially the most clear and dependable technique to promote a property for a fee as little as 1% – half the market price in Singapore.

Adrien Jorge (pic), founder and CEO of Propseller stated the corporate believes that individuals deserve extraordinary service when promoting their house, which frequently represents 70% or extra of their wealth. 

He stated customers are nonetheless coping with property brokers who shut on common lower than two gross sales transactions per yr every whereas typically charging a 2% fee.

“Our enterprise mannequin addresses this business problem by elevating our service for customers whereas charging a decrease value,” he stated.

“Every of our actual property consultants closed in 2021 25x extra transactions than a standard agent and customers rated our service 4.8 out of 5  throughout 500+ public evaluations, all because of our know-how,” he claimed.

Carmen Yuen, basic companion, Vertex Ventures Southeast Asia and India, stated, “We’ve adopted the Propseller group for greater than two years now and so they have demonstrated spectacular resilience and progress through the years.” 

“We look ahead to partnering and supporting them as they proceed their thrilling journey to remodel actual property.”

In October 2020, Propseller raised US$1.2 million (RM5.3 million) seed funding from Hustle Fund, Iterative, XA Community, Rapzo Capital, Stein Jakob (co-founder, Lazada) and Ben Neve (founder, Dot Property). 

The startup claimed that in 2021 it noticed a 1,000% progress of its income year-over-year and has reached profitability.

Based on Jorge, Propseller is positioned on the cross-road of two main shifts in client behaviors, triggered by Covid-19.

“Firstly, the flight from offline to on-line for the whole lot together with excessive worth objects comparable to actual property and secondly, an unprecedented work-from-home motion making hundreds of thousands of customers wanting to maneuver to a bigger house than the one they’re presently in.

“Over the previous couple of years, Propseller has constructed the very best resolution to promote a house – it’s now time to open a brand new chapter and construct the very best resolution not simply to promote, however to maneuver,” he stated.