Thursday, Sep 24, 2020
International Finance
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Vietnam-based proptech Propzy secures $25 mn funding

Propzy funding
The funding round led by real estate private equity firm Gaw Capital and SoftBank Ventures Asia

Vietnam-based proptech startup Propzy has secured around $25 million in its Series A funding round, the media reported.

The funding round for Propzy was led by real estate private equity firm Gaw Capital and SoftBank Ventures Asia.

Other investors who participated in the funding round for Propzy include Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare and Insignia Ventures Partners.

Propzy describes itself as more of a mix of financial, insurance and real estate technology company, rather a proptech one. Its online platform offers open houses, close-settlement services and turn-key mortgage financing.

The startup will use the funds to expand its management products focussing on mortgage banking and property management software for buildings and property operators.

Chief executive John Le told the media, “The market is lacking a technology platform to allow salespeople to service the needs of the real buyers and sellers. We want to make sure the quality control process is secured, so by the time a property becomes a listing on our marketplace, we can address the real buyers’ needs, which means what they see is what they can actually get.”

Propzy currently has 30 brick-and-mortar sales centres, with a total of 400 sales staff. It plans to enlarge the network to 70 centres and 1,300 advisors nationwide over the next 18 months.

Earlier this year, Malaysian investment firm Frontier Digital Ventures (FDV) has left Popzy as it believed the startup is in line to make a loss.

Reportedly, FDV pulled out of its 20 percent stake for a cash consideration of $4.7 million.

Prior to the latest funding, Propzy raised around $12 million from investors such as Stonebridge Capital, Insignia Ventures, GS Shop, TNB Aura and Next Billion Ventures, in addition to FDV.

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