Vietnamese proptech startup Propzy banks $25m from SoftBank, others

Propzy, a Vietnamese online real estate platform, said it has raised US$25 million in a series A round led by Gaw Capital Partners and SoftBank Ventures Asia.

Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare, and Insignia Ventures Partners also participated in the round, according to a statement.

Photo credit: Propzy

Propzy is an end-to-end platform that aims to provide safe real estate buying, selling, and renting experiences. It operates a marketplace where users can view properties that have been vetted and verified by its staff.

The startup also offers offline services, providing logistics for prospective buyers and assisting in paperwork for bank financing and insurance applications, among others.

With the new funds, Propzy aims to expand its product offerings and bankroll its further expansion into leasing services.

Vietnam’s robust economy is one of the fastest-growing in the region. According to data from the World Bank, about 70% of the country’s population is considered economically secure. Vietnam has also reached its target of over 5% GDP growth this year despite the global pandemic.

“The security that the Vietnamese economy offers to property investors and home buyers is ideal for Propzy to thrive,” said SoftBank Ventures Asia senior partner Daniel Kang.

Currently, Propzy has around 400 sales staff operating in 30 locations across Vietnam, said founder and CEO John Le. The startup claims to have facilitated over US$1 billion in property transactions since its establishment in 2014.

In 2018, Propzy secured US$3 million in pre-series A funding from Insignia. Prior to that, it banked US$1.9 million in its seed round led by Malaysian VC firm Frontier Digital Ventures in 2017.