Proptech startup Propzy looks to raise $25M in Series B funding

Propzy, a proptech startup based out of Vietnam, says its looking to gather $25 million in a Series B funding round set to launch later this year. The startup plans to use the capital to expand its financial relationship management and property management products.

Propzy has secured a total of $12 million in funding since 2016. Its latest round was a $6 million financing led by Korean VC firm Stonebridge Capital earlier this year, said its Founder and CEO John Le.

Investors backing the business include Insignia Ventures, GS Shop, Frontier Digital Ventures, TNB Aura and Next Billion Ventures, among others.

Propzy is Stonebridge’s first investment in Vietnam.

“We saw many positive similarities between one of our early investments, Korean real estate portal JikBang, and Propzy when it came to understanding the uniqueness of the market and providing Vietnamese consumers with a compelling value proposition that goes beyond just traditional classified site offerings,” commented Fortune Sohn, Managing Director of Stonebridge.

Le claims Propzy is the only proptech company in Vietnam to follow the hybrid online to offline (O2O) model that offers a full-stack real estate platform.

“In Vietnam, a lot of brokerage firms operate in the resale segment. So, the market is lacking a technology platform to allow salespeople to service the needs of the real buyers and sellers,” said Le.

“We want to make sure the quality control process is secured, so by the time a property becomes a listing on our marketplace, we can address the real buyers’ needs, which means what they see is what they can actually get,” he added.

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