Propzy secures US$25M in Series A funding led by Gaw Capital, SoftBank Ventures Asia
Vietnamese real estate startup Propzy has snagged a US$25 million in Series A funding.
According to a TechCrunch report, the funding round is led by Gaw Capital and SoftBank Group’s early-stage venture arm, SoftBank Ventures Asia.
Other investors joining the round are Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare, and Insignia.
The company said it will use the Series A funding to focus on growing the product line and prepare for its expansion into direct mortgage financing.
Propzy was founded in 2016 with the goal to leverage on technology to guide customers through the entire stage of a real estate transaction, from offline sales centres to an online marketplace for listings, financial products including mortgage lending and finalise it via enterprise software for property managers and tenants.
According to Propzy founder and CEO John Le, the firm’s better description for its business would be financial, insurance, and real estate technology.
The company helps guides its consumers through the process of real estate transactions, including insurance and financial process.
Propzy’s current operations are mostly situated in Ho Chi Minh City with 30 brick-and-mortar sales centres and a total of 400 sales staff. It plans to expand into Hanoi through the rest of this year and 2021.
Next, the firm has set eyes on entering other Southeast Asian markets, including Thailand, Malaysia, and the Philippines.
Propzy’s approach of combining offline sales centres with online marketplace helps the firm to go through the pre-screening of tens of thousands of properties before it can be on their listings.
According to Le, Propzy has gathered data from over the last four years to assess homes, help recommend prices, and show customers comparable properties, all built on an automated valuation model. On the financing front, Propzy provides its business model for its bank partners to help customers get pre-approved for loans based on property value.
Next in line is the tenant software. Propzy developed the software to report issues or book maintenance services and amenities for buyers after they move into an apartment unit. If in the future they decide to sell or rent the property, they can also do so through the platform.