Proptech startup Propseller raises S$1.7m in seed funding

PROPSELLER, a Singapore-based tech-enabled real-estate agency, has raised S$1.7 million in seed funding.

Investors in the round include startup accelerator Iterative, US and Singapore based venture capital (VC) firm Hustle Fund, angel network XA Network, Singapore-based family-funded investment firm Rapzo Capital, Lazada co-founder Stein Jakob and Ben Neve, the founder of property portal group Dot Property.

Propseller had announced angel funding of S$1 million in December 2018.

Dushyant Khare, an angel investor and member of the XA Network, said: "One of the things Propseller is doing well is to reduce the number of physical touchpoints, with features such as online dashboards and virtual viewings. With Covid-19, the need for such tools has become even more critical and providing them has resulted in accelerated growth for Propseller in recent months."

The company employs in-house salaried property agents who use technology to speed up the transaction process. It charges a 1 per cent commission to sellers, which is half the standard fee in the market.

Adrien Jorge, founder and chief executive of Propseller, said its agents each closed 60 transactions in one year and transacted S$75 million worth of properties in total.

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The fresh funding will be used for hiring, marketing and investing in tech capabilities.

Propseller now has 14 people on its team, and will hire 15 more across the roles of sales, marketing, operations and engineering.