Propseller, a Singapore-based real estate agency that combines a tech programme with in-house operators to close events more quickly, announced today it has raised $1.2 million in seed funding.
The round included investment from Iterative; Hustle Fund; XA Network; Rapzo Capital; Lazada co-founder Stein Jakabo; and Dot Property benefactor Ben Neve. Propseller just said ” three undisclosed most tactical investors” and returning private investors participated.
Propseller’s last-place funding notice was in December 2018, when it raised SGD$ 1 million( about $737,000 ) in seed funding.
Founded in 2018 and launched the next year, Propseller says its engineering pulpit enables transactions to close more quickly, helping with undertakings like asset valuations, and increases standard fee rewards to 1% from 2% because the startup’s in-house operators are able to finish more transactions in less time.
The company claims it is currently handling about SGD $ 75 million worth of owneds each year. During the pandemic, tech-enabled business like online dashboards and virtual sees have allowed Propseller’s agents to continue working with clients.
Despite the economic impact of COVID-1 9, Singapore’s real estate grocery is expected to recover relatively quickly, specially the residential area, because of demand for new condominiums and foreign investment.
Another Singaporean real estate-focused startup that recently collected funding is PropertyGuru. Last-place month, the belonging leaning stage announced major investments of $220 million from KKR and TPG to expand into new Southast Asian groceries. PropertyGuru’s most direct competitor is 99. co, but startups like Propseller, Ohmyhome and Greyloft, which offer agent services combined with tech stages, all support alternative solutions in the Singaporean real estate market.
In a press releases about its investment in Propseller, Iterative partner( and founder of Divvy Homes, a San Francisco-based proptech startup) Brian Ma said,” Worldwide, modern property authorities are already taking market share at breakneck rates. In a market like Singapore with high-pitched quality tolls and the need for high quality service, we repute digitalization will be inevitable. We’re stimulated for Propseller to lead the charge there .”
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