Properly Raises $36M CAD in Financing to Accelerate Transformation of Canadian Real Estate
As a leader in providing tech-enabled real estate solutions for Canadians, Properly becomes best funded and fastest growing real estate startup in Canada
TORONTO, Aug. 8, 2022 /CNW/ - Today, Properly announces a $36 million CAD financing round, strengthening its leadership role in the transformation of the Canadian real estate industry. This fundraise closed in late July and was led by existing partners including Parker89, Bain Capital Ventures, Prudence, FJ Labs, Golden Ventures, Intact Ventures, Max Ventures, AlleyCorp, Interplay, Industry Ventures and others, and brings Properly's total funding to $192 million CAD, making it the best funded and fastest growing real estate startup in the country.
Properly is a Canadian technology-enabled real estate brokerage offering a new approach to real estate. With a suite of products and services that give more control, transparency and peace of mind, Properly supports customers across multiple stages of the buying and selling process from the initial online search, to securing financing, to transacting on a home. Since launching in Toronto in Summer 2020, Properly has supported over $1 billion CAD in transactions.
"We're working to create a world where customers can buy and sell a home with confidence and certainty, eliminating the unnecessary friction and stress of the traditional way," said Anshul Ruparell, CEO and Co-Founder of Properly. "Our approach of grounding our products, services and technology in what will improve Canadians' real estate experience has led to exciting growth and changes to the industry that are long overdue. We're thrilled to have this additional funding to be able to support more customers across more points in their real estate journey."
This injection of new capital enables Properly to continue on its mission to create a seamless and stress-free real estate experience for all Canadians. Properly will further its investment in technology and expand its offering of products and services that solve critical problems for customers, which have previously been ignored by the traditional real estate industry.
"We've been impressed with what Properly has been able to accomplish since its last fundraising round as they've proven they understand the needs of Canadian home buyers and sellers and can build offerings that are not only resilient in uncertain markets but are extremely beneficial for the customer," said Merritt Hummer, Partner at Bain Capital Ventures. "We were eager to continue our support and expand our investment in the company as they continue to be uniquely positioned to lead the transformation of the real estate category in Canada."
This financing follows a $100 million CAD credit facility financing, which allows Properly to deliver on its commitment to purchase a customer's home if it doesn't sell on the market, and a $44 million CAD Series B financing. During the last year alone, Properly has driven exponential growth and expanded from operating solely in the GTA into the country's second largest real estate market: Vancouver. With this expansion, Properly is positioned to become the real estate partner of choice for more than 50% of the total Canadian real estate market.
In the last year, Properly also launched its in-house mortgage offering, providing financing solutions to customers to create a more streamlined buying and selling experience. In addition to these milestones, Properly partnered with two of Canada's most well-known real estate experts and personalities, Drew and Jonathan Scott, who have invested in the company and serve as ambassadors as Properly grows its brand within Canada.
"We're excited by Properly's continued traction in modernizing the Canadian real estate experience and believe they are uniquely positioned to be a leader in the market," said Nate Levin, Managing Director at Parker89. "Over the past year, their successful expansion into Vancouver along with the launch of their in-house mortgage offering has reinforced our confidence in their team. Properly's track record of innovation and ability to adapt best practices from US proptech present an opportunity for scalable and long-term growth in the sizeable Canadian real estate market."
"Properly's ability to serve customers at any stage in their home buying or selling journey is what makes them a standout in the industry," said Gavin Myers, Managing Partner at Prudence. "The proprietary technology that powers their home search and instant home valuation tools is particularly impressive as it gives people access to information they need, and sets Properly up to be a true partner to customers throughout the entire process from search to sale."
Properly is headquartered in Toronto with operations in Vancouver and is on a mission to make real estate more consumer-centric.
About Properly:
Properly is a new kind of real estate company that is transforming the real estate experience for Canadians with innovative tools, services and technology that take the stress out of real estate. With a mission to make real estate customer-centric, Properly strives to create a future where the real estate experience is seamless and involves dramatically less friction. With Canada's first buy, move and then sell real estate model, Properly makes it easier for Canadians to get into their dream home and to sell with confidence.
SOURCE Properly
Rosie McGregor, Communications Lead, Properly, [email protected], 416-574-3211
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