Aditya Hadi Pratama · · 1 min readVertex Ventures leads $12m round of SG proptech firm
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.
Propseller team / Photo credit: Propseller
Founded in 2018, Propseller operates a tech-powered real estate agency with its own salaried 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.
See also: Mapping the key players in Indonesian proptech
Other investors in the funding round:
- Hustle Fund
- Iterative
- Rapzo Capital
- PropertyGuru’s co-founder Jani Rautiainen
- OpenAgent’s co-founder Marta Higuera
- Homeday’s co-founder Steffen Wicker
- Flyhomes’ co-founder Tushar Garg
Editing by Deepti Sri
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
