- Used to scale business model, discover overseas markets
- Bustle Fund, Iterative, Rapzo Capital participated in this round
Singapore-headquartered new venture Propseller announced the US$12 mil (RM53. 7 mil) Collection A funding led by Vertex Endeavors Southeast Asia plus India.
In a statement, the firm said this round saw participation from existing investors, Hustle Fund, Iterative, and Rapzo Capital. New investors include Partech, ICCP SBI, Vulpes Ventures plus Redbadge Pacific.
The startup said the particular round also noticed participation of a dream-list of prominent proptech founders such as Jani Rautiainen (co-founder, PropertyGuru), Marta Higuera (co-founder, OpenAgent), Steffen Wicker (co-founder and chief executive officer (CEO), Homeday), and Tushar Garg (co-founder and CEO, Flyhomes).
Propseller said the funds will enable the company to scale the core business model, increase its line-up associated with services and explore overseas markets.
Additionally, it plans to hire 200 new people across the marketing, operations, product, engineering, and sales and real estate functions.
Founded in 2018, Propseller is really a tech-powered real estate company that employs in-house salaried agents backed by technology and centralised operations.
This model has enabled the business to control every aspect of an actual estate transaction and to offer consumers one of the most transparent and dependable way to sell a property for a commission as little as 1% – fifty percent the market rate in Singa 
pore.
Adrien Jorge (pic) , founder plus CEO of Propseller said the company thinks that people deserve extraordinary service when promoting their home, which often signifies 70% or more of the wealth.
He stated consumers are still dealing with property agents exactly who close on average lower than two sales transactions per year each whilst generally charging the 2% commission.
“Our business structure addresses this business challenge by increasing our service designed for consumers while charging a lower cost, ” he said.
“Each of our real estate consultants shut in 2021 25x more transactions than a traditional agent plus consumers rated the service 4. almost eight out of 5 across 500+ public evaluations, all thanks to our technology, ” he claimed.
Carmen Yuen, general partner, Vertex Endeavors Southeast Asia and India, said, “We’ve followed the Propseller team for more compared to two years now found demonstrated impressive resilience and growth through the years. ”
“We look forward to partnering and supporting them as they continue their own exciting journey to transform real estate. ”
Within October 2020, Propseller raised US$1. 2 million (RM5. 3 or more million) seed financing from Hustle Finance, Iterative, XA Network, Rapzo Capital, Stein Jakob (co-founder, Lazada) and Ben Neve (founder, Dot Property).
The startup claimed that in 2021 it observed the 1, 000% development of its revenue year-over-year and has reached profitability.
Based on Jorge, Propseller lies at the cross-road of two major changes in consumer behaviours, triggered by Covid-19.
“Firstly, the flight from offline to on the web for everything including high value items for example real estate and second of all, an unprecedented work-from-home movement making an incredible number of consumers wanting to move to a larger home than the one they are presently in.
“Over the last few yrs, Propseller has 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 market, but to move, ” he said.