Propi, a real estate marketplace company based in El Salvador, has raised $2.5 million in an oversubscribed pre-seed round. Californian VC firm Panorama Capital participated in the round.
Founded in 2022 by former employees of delivery startup Hugo, Eduardo Francés and José Mario Ávila, Propi describes itself as a digital platform that facilitates property transactions for owners, developers, agents, buyers and renters.
Propi's business model is broadly similar to that of the Brazilian mega-brokerage Quinto Andar. Landlords entrust their rental properties to the startup which advertises and takes care of paperwork and guarantees. Propi has two products for landlords with the basic package charging one month's rent and the complete package including property management services in exchange for one month's rent plus 5.5% of all rent payments.
Propi also serves as a marketplace for off-plan homes and advertises developer stock presumably in exchange for a commission. Sales are completed digitally via credit card or bank transfer on the platform itself.