Propseller, a Singapore-based real estate agency that combines a tech platform with in-house agents to close transactions more quickly, announced today it has raised $1.2 million in seed funding.
The round included investment from Iterative; Hustle Fund; XA Network; Rapzo Capital; Lazada co-founder Stein Jakabo; and Dot Property founder Ben Neve. Propseller also said “three undisclosed highly strategic investors” and returning private investors participated.
Propseller’s last funding announcement was in December 2018, when it raised SGD $1 million (about $737,000) in seed funding.
Founded in 2018 and launched the next year, Propseller says its technology platform enables transactions to close more quickly, helping with tasks like property valuations, and reduces standard commission fees to 1% from 2% because the startup’s in-house agents are able to finish more transactions in less time.
The company claims it is currently handling about SGD $75 million worth of properties each year. During the pandemic, tech-enabled services like online dashboards and virtual viewings have allowed Propseller’s agents to continue working with clients.
Despite the economic impact of COVID-19, Singapore’s real estate market is expected to recover relatively quickly, especially the residential sector, because of demand for new condominiums and foreign investment.
Another Singaporean real estate-focused startup that recently raised funding is PropertyGuru. Last month, the property listing platform announced an investment of $220 million from KKR and TPG to expand into new Southast Asian markets. PropertyGuru’s most direct competitor is 99.co, but startups like Propseller, Ohmyhome and Greyloft, which offer agent services combined with tech platforms, all provide an alternative in the Singaporean real estate market.
In a press statement about its investment in Propseller, Iterative partner (and founder of Divvy Homes, a San Francisco-based proptech startup) Brian Ma said, “Worldwide, modern estate agencies are already taking market share at breakneck speeds. In a market like Singapore with high property prices and the need for high quality service, we believe digitalization will be inevitable. We’re excited for Propseller to lead the charge there.”