Propzy, a full-stack real estate platform based in Vietnam, has raised $25 million in a Series A round of funding led by Gaw Capital and Softbank Ventures, along with new and existing investors, Next Billion Ventures, RHL Ventures Breeze, FEBE Ventures, RSquare, and Insignia.
With the investment, Propzy commits to simplifying real estate transactions, from beginning to end, and managing the assets or logistics to streamline the entire real estate lifecycle, such as leasing and purchasing of landed houses and high-rise condos.
The company will also continue its expansion into leasing services by leveraging the online to offline capabilities of its platform, which has recorded 50% month-over-month growth.
As the only “firetech” (financial, insurance and real estate technology) company in Vietnam, the company pioneered the hybrid online to offline model that offers a full-stack real estate platform.
“Propzy is an example of the many macroeconomic successes in Vietnam. With its innovative breakthrough in real estate’s offline to online business models, we see the immense potential of Propzy to skyrocket,” said Gaw Capital’s Managing Partner, Humbert Pang.
Vietnam has emerged as a thriving real estate market in Southeast Asia. Despite the global crisis and coronavirus pandemic, Vietnam has reached its target of over 5% GDP growth in 2020.
Despite this, however, the real estate industry still lags in terms of its adoption of new technology.
“Sellers see uncovering buyers needs as a headache that slows the buying process. Therefore, we invited a group of world-class investors to provide an advanced solution. With the largest number of estate agents in Vietnam – around 400 sales staff operating in 30 locations – we have facilitated over $1 billion in property transactions since inception and anticipate another record-setting year of growth, as we continue to expand,” said Founder and CEO of Propzy, John Le.
Vietnam’s robust economy is one of the fastest-growing in Southeast Asia. Research by the World Bank found that 70% of Vietnam’s population is considered economically secure. Propzy is now well-positioned to scale its market leadership to 70 centers and 1,300 advisors nationwide over the next 18 months.
“The security that the Vietnamese economy offers to property investors and homebuyers is ideal for Propzy to thrive. We are excited to support the company in its mission to enable a 10X consumer experience in real estate,” said Daniel Kang, Senior Partner of SoftBank Ventures Asia.