Tech startup Properly raises $35m Series B financing to transform real estate experience In Canada
Properly, the Canadian tech-enabled real estate brokerage, announced $35 million in Series B financing to fuel a national expansion across Canada's $400 billion real estate market. Bain Capital Ventures led the financing, and was joined by strategic investors Intact Ventures, the venture arm of Canada's largest provider of property and casualty insurance, and FCT, the leading national service provider in real estate technology and title insurance.
A number of prominent individuals also participated in the round, including Mike Katchen (co-founder and CEO of Wealthsimple), Spencer Rascoff (co-founder and former CEO of Zillow and Pacaso) through his firm 75 & Sunny, Eric Wu (co-founder and CEO of Opendoor), Lydia Jett (Softbank Vision Fund), and Jonathan Ehrlich (Partner at Foundation Capital and former head of marketing at Facebook).
Anshul Ruparell, Co-founder and CEO, Properly: "We're creating a future where Canadians can buy or sell a home with dramatically less friction and surprising simplicity. We're bringing best-in-class tools and services to the market to support our customers from their initial home search through to closing a home sale. As a result, we've experienced exponential growth, but we're just at the start of our journey. We're excited to use this financing to bring better services to Canadians across the country."
Merritt Hummer, Partner, Bain Capital Ventures: "We have invested in several promising PropTech companies in the U.S. and our investment in Properly is our first of this kind in Canada. The vision that Anshul and his team have to transform the home buying and selling experience and the unquestionable need for innovation in the Canadian real estate industry is what compelled us to invest in Properly. We are proud to lead their Series B financing to help accelerate their growth plans nationally."
Properly is working to make real estate transactions genuinely frictionless. The strategic investments from Intact Ventures and FCT will complement existing partnerships with major Canadian banks to enable Properly to provide a more seamless home buying experience for Canadians.
Justin Smith-Lorenzetti, Investment Director, Intact Ventures: "We were impressed by Properly's growth and the innovative tools and services the company has already brought to the real estate industry. The company's vision to better serve the customer, especially in major real estate markets, is important. We're looking forward to working with Anshul and his team and supporting Properly in enabling a more seamless home buying experience for Canadians."
Michael LeBlanc, CEO, FCT: "Investing in Properly is consistent with FCT's desire to support innovative companies with strategies to streamline real estate transactions. We look forward to supporting Properly's vision to advance the real estate journey for Canadian homebuyers."
Properly's current portfolio of proprietary tools and services includes:
- Sale Assurance: Gives homeowners the ability to unlock equity in their existing home so they can buy first, move in, and sell on the market later.
- Instant Estimate: Canada's most accurate free home value calculator to understand and track the value of a home.
- Discovery Portal: A best-in-class portal for browsing home listings and previously sold homes with a user base growing 90% every month.
- Properly Polish: Helps clients maximize their home's sale price by providing a $20,000 interest free advance for home improvements.
- Skip The Showings: Accommodations will be paid for by Properly so home sellers can skip the inconveniences of home showings.
Existing investors Prudence Holdings, FJ Labs, Golden Ventures,1984 Ventures, Max Ventures, Alleycorp (Kevin Ryan), and Interplay also participated in this round.