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Propseller raises $1m in seed funding

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Propseller, A Singapore-based property technology startup announced a S$1.7 million (equivalent of US$1.2 million) in seed funding round. Participating investors in the Propseller’s seed funding round include Iterative, Hustle Fund, XA Network, Rapzo Capital, Stein Jakob (Lazada co-founder and former CMO/CFO), Ben Neve (Dot Property Founder) and three undisclosed “highly strategic investors”.

According to Techcrunch, Propseller’s last funding transaction was in  December 2018, a deal that saw the startup raise SGD $1 million (about $737,000) in seed funding.

The statement also notes that the startup plans to use the funding to hire new talents and develop products. The startup will also develop its technology to make it more transparent in terms of independent reviews and showcasing of agents’ track record.

Founded in 2018 the proptech startup’s platforms links prospective property sellers and landlords find and compare the best property agents in terms of prices and reviews.

“A real estate transaction is someone’s most important financial moment, yet most of it is still happening offline, handled by traditional freelance agents who close on average only one sale and six rentals transactions per year,” said Adrien Jorge, Founder and CEO of Propseller.

“At Propseller, we believe that consumers deserve an incomparable experience and full transparency for a fair price. It happens that technology is capable of helping to achieve this: we sell homes two times faster than average and our service is rated 4.8/5 on average by our clients. Since our agents close 60 transactions per year each, nine times more transactions than the agents of traditional agencies, we are able to pass part of the savings to our clients hence we charge only one per cent to sellers – half the standard fee – while providing premium service,” he added.

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