Singaporean Tech-Enabled-Brokerage Propseller Raises $12m Series A and Eyes Hiring Spree

August 30, 2022
Share this Post: 

Propseller, the Singapore-based PropTech startup, has today announced that it has secured $12m funding via a Series A round led by Vertex Ventures Southeast Asia and India.

Exisitng investors Hustle Fund, Iterative, and Rapzo Capital participated in the round as well as several notable PropTech founders including Jani Rautiainen (Co-founder, PropertyGuru), Marta Higuera (Co-founder, OpenAgent), Steffen Wicker (Co-founder and CEO, Homeday), and Tushar Garg (Co-founder and CEO, Flyhomes).

“We believe that people deserve extraordinary service when selling their home, which often represents 70% or more of their wealth. Yet, consumers are still dealing with property agents who close on average less than 2 sales transactions per year each while generally charging a two percent commission. Our business model addresses this industry challenge by elevating our service for consumers while charging a lower cost. Our Real Estate Consultants each closed in 2021 25x more transactions than a traditional agent and consumers rated our service 4.8 out of 5 across 500+ public reviews, all thanks to our technology.” said Adrien Jorge, Founder and CEO of Propseller.

Commenting on the investment, Carmen Yuen, General Partner, Vertex Ventures Southeast Asia and India, said, “We are excited to back Adrien and his team as Propseller is revolutionizing the way we transact our homes in a more cost and time-efficient way, using technology and data. We’ve followed the Propseller team for more than 2 years now and they have demonstrated impressive resilience and growth over the years. We look forward to partnering and supporting them as they continue their exciting journey to transform real estate.”

Propseller was founded as a tech-powered agency back in 2018 by ex-pats Adrien Jorge and Raphael Gaillot. The business charges only a 1% commission to sellers and is marketed as a cheaper and more efficient alternative to traditional agencies that usually charge 2%.

The investment will allow the company to explore international expansion as well as fuel a planned hiring spree that will see Propseller go from a 50-person company to one that employs 250. The planned expansion could potentially put Propseller among the top 10 largest agencies in the Island nation by agent count.

August 30, 2022
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Schibsted
Tinius Trust to Sell Shares in Schibsted Marketplaces, Opening Door to Takeover Bids

The Tinius Trust, through its holding company Blommenholm Industrier, is preparing to sell nearly a third of its remaining shares...

Read More
Rightmove Not Listening 1
Another Rightmove Boycott as Proptech Bemoans "Unjustified" Fee Hikes

A British startup has launched a petition against Rightmove for what it calls "unjustified" fee hikes amid allegations of "arrogant"...

Read More
Shutterstock 751956331 2
News Corp CEO Robert Thomson on CoStar and Domain: "We Have The Advantage"

News Corp CEO Robert Thomson says the media giant will have a competitive advantage if CoStar Group completes its acquisition...

Read More
Shutterstock 2245599643 3
Zillow Says It's Shooting for $5 Billion Revenue and 45% EBITDA Margins

The American portal operator Zillow Group is setting ambitious financial targets and doubling down on market expansion as outlined at...

Read More

Editor's Pick