Singaporean Tech-Enabled-Brokerage Propseller Raises $12m Series A and Eyes Hiring Spree

Propseller, the Singapore-based PropTech startup, has today announced that it has secured $12m funding via a Series A round led by Vertex Ventures Southeast Asia and India.

Exisitng investors Hustle Fund, Iterative, and Rapzo Capital participated in the round as well as several notable PropTech founders including Jani Rautiainen (Co-founder, PropertyGuru), Marta Higuera (Co-founder, OpenAgent), Steffen Wicker (Co-founder and CEO, Homeday), and Tushar Garg (Co-founder and CEO, Flyhomes).

“We believe that people deserve extraordinary service when selling their home, which often represents 70% or more of their wealth. Yet, consumers are still dealing with property agents who close on average less than 2 sales transactions per year each while generally charging a two percent commission. Our business model addresses this industry challenge by elevating our service for consumers while charging a lower cost. Our Real Estate Consultants each closed in 2021 25x more transactions than a traditional agent and consumers rated our service 4.8 out of 5 across 500+ public reviews, all thanks to our technology.” said Adrien Jorge, Founder and CEO of Propseller.

Commenting on the investment, Carmen Yuen, General Partner, Vertex Ventures Southeast Asia and India, said, “We are excited to back Adrien and his team as Propseller is revolutionizing 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. We look forward to partnering and supporting them as they continue their exciting journey to transform real estate.”

Propseller was founded as a tech-powered agency back in 2018 by ex-pats Adrien Jorge and Raphael Gaillot. The business charges only a 1% commission to sellers and is marketed as a cheaper and more efficient alternative to traditional agencies that usually charge 2%.

The investment will allow the company to explore international expansion as well as fuel a planned hiring spree that will see Propseller go from a 50-person company to one that employs 250. The planned expansion could potentially put Propseller among the top 10 largest agencies in the Island nation by agent count.