Property agency Propseller raises US$12m in Series A funding

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PROPSELLER, a Singapore-based real estate agency, has raised US$12 million in Series A funding led by Vertex Ventures South-east Asia and India.

The round included the startup's existing investors Hustle Fund, Iterative, and Rapzo Capital, alongside new investors Partech, ICCP SBI, Vulpes Ventures and Redbadge Pacific.

The co-founders of several proptech companies also participated in the round, namely PropertyGuru's Jani Rautiainen; Marta Higuera of OpenAgent; Steffen Wicker of Homeday and Flyhomes' Tushar Garg.

Founded in 2018, Propseller employes in-house salaried agents and has centralised operations. The company said that it is tech-powered and enables consumers to sell their properties with commission rates as low as 1 per cent, or half the market rate in Singapore.

"Propseller is revolutionising 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," said Carmen Yuen, partner at Vertex Ventures.

Propseller previously raised US$1.2 million in seed funding in October 2020.

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