PropHero Cuts Australian Staff as Focus Turns Towards Europe and Asia

PropHero, the AI-powered CRM platform that helps property buyers find investment opportunities, has confirmed changes to its Australian operations just weeks after announcing a $25 million financing round led by Bailador Technology Investments.

Founded in Australia in 2021, PropHero uses large language models to connect investors with properties in high-yield areas. The company claims the 1,800 properties it has sold to date have outperformed broader markets across Europe, Asia, and its native Australia.

However, according to a report from The Australian Financial Review (AFR), PropHero has sacked most of its Australia-based team, and marketing functions will be moved to Spain. AFR reported that "the remaining Australian staff were asked to forgo salaries and work on a commission-only basis."

Anonymous sources told AFR that PropHero's Australia revenues have dwindled, and attention is now being focused on international markets instead.

A PropHero spokesperson said the company remains committed to Australia despite restructuring efforts.

"With over 50 per cent revenue growth and over 40 new hires in the past six months, our momentum is clear—and our team, alongside our investors, is highly confident in our path to becoming the leading AI-powered real estate investment platform."

The Series A funding round, announced in February, was led by Bailador and included participation from AfterWork Ventures, Jelix Ventures, Fifth Wall, and Opera Tech Ventures. PropHero said it plans to continue its global expansion efforts across Europe and Asia while maintaining a presence in Australia.