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Proptech startup Propseller raises S$1m in seed round
SINGAPORE proptech startup Propseller has raised S$1 million in seed funding from industry entrepreneurs and senior executives.
Investors in the round include Erwan Mace, founder of Muslim mobile app Muslim Pro, and Yvan de Rham, former chairman of Sotheby's International Realty for Switzerland.
Propseller operates a platform that allows users to compare agents. It collects and verifies ratings of agents and analyses their historical transaction data. Based on both the given criteria and agents' track record, the user will be presented with a list of the best three to 10 estate agents.
Propseller said that 12 months after its launch, S$500 million in combined property value has been put up for sale or rent by the owners using the platform. About 500 handpicked agents - from agencies such as PropNex, ERA and Sotheby's - have joined Propseller to allow clients to rate their services, the company added.
With the Council for Estate Agencies (see correction note) planning to publish all property agents' transaction records by end-2018 for HDB deals and by end-2019 for private properties, Propseller said it will use the funding to develop ways to transform this larger dataset into clear recommendations for consumers. It is looking at playing a deeper role in the consumer-agent relationship.
Correction note: A previous version of this article incorrectly stated the name of the Council for Estate Agencies as the Council of Estate Agents. The article has been revised to reflect the correct name.