Singapore-based Proptech startup, Propseller has bagged US$ 1.2M in a seed funding round held in October 2020. A roster of investors took part in the funding round, including Iterative, Hustle Fund, XA Network, Rapzo Capital, Stein Jakob and Ben Neve. In addition, 3 unnamed strategic investors participated with existing private investors.
Proceeds from the funding round will be used by the proptech startup to increase its headcount and in marketing and product development. In a press statement, Propseller stated that it intends to increase its team size by three folds within the next 6 months.
Property buying made easy with technology
Propseller, founded in 2018 by Adrien Jorge, is a proptech startup that helps owners sell or rent out their homes easily. The startup employs salaried property agents who leverage technology to fast-track the dealings process. It charges a 1 percent commission to sellers, which is half the typical fee in the market.
CEO Adrien Jorge said that buying a home is generally a person’s most awaited financial moment, yet most of the dealings related to buying or renting a house occur offline. Generally, traditional brokers handle these deals and are able to close on an average merely 1 sale and 6 rental transactions per year.
He further elaborates by saying that at Propseller, they believe that customers deserve a good and fruitful experience and full transparency for a reasonable price. The startup sells homes 2 times faster than an average broker or any other real estate agency and its service is rated 4.8/5 on average by its customers. The brokers working with them fix over 60 transactions per year, a figure that is 9 times more than what is done by the agents of traditional agencies.
“We are able to pass part of the savings to our clients hence we charge only one percent to sellers – half the standard fee – while providing premium service”, he ended. The startup claims to be presently transacting US$ 55M worth of properties per year.
Propseller also features in the list of VCBay’s Top 10 emerging PropTech startups of Singapore article which can be read here!
About Iterative
Iterative Accelerator is an accelerator and incubator based in Singapore. The firm is focused wholly on Southeast Asia and intends to accelerate companies based in the same region. It invests US$150K in batches twice a year. On getting selected, it invests the full amount in the startup and then works with the founders thoroughly on their idea for 3 months. At the end of 3 months, the startup is supposed to pitch itself to a select group of investors with the aim of raising a larger round of investment. After that, Iterative continues to guide the startups and founders for its entire lifetime.
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