Propseller, a Singapore-based real estate agency that combines a technology platform with in-house agents to help close transactions faster, announced today that it has raised $ 1.2 million in seed capital.
The round included investments from iteratives; Hustle fund; XA Network; Rapzo Capital; Lazada co-founder Stein Jakabo; and dot property Founder Ben Neve. Propeller also said "three unnamed highly strategic investors" and returning private investors attended.
Propseller's last funding announcement came in December 2018 when it raised $ 1 million (approximately $ 737,000) in seed capital.
Propseller was founded in 2018 and launched the next year. According to its technology platform, transactions can be completed faster, which helps with tasks like real estate appraisals, and standard commission fees are reduced from 2% to 1% as the startup's internal agents are able to complete more transactions in less time .
The company claims it currently works on properties worth SGD 75 million annually. During the pandemic, Propseller's agents were able to continue working with customers thanks to technology-enabled services such as online dashboards and virtual displays.
Despite the economic impact of COVID-19, the Singapore property market is expected to recover relatively quickly due to the demand for new condominiums and overseas investment, particularly in the residential sector.
PropertyGuru is another Singapore real estate startup that recently raised funding. Last month, the real estate platform announced a $ 220 million investment from KKR and TPG to expand into new South Asian markets. PropertyGuru's most direct competitor is 99.co, but startups like Propseller, Ohmyhome and Greyloft, which offer agent services combined with technology platforms, all offer an alternative in the Singaporean real estate market.
In a press release about his investment in Propseller, Iterative Partner (and founder of Divvy Homes, a San Francisco-based proptech startup), Brian Ma said, “Modern real estate agencies are rapidly gaining market share around the world. In a market like Singapore with high real estate prices and the need for quality services, we believe that digitization will be inevitable. We are pleased that Propseller is leading the indictment there. "