Vietnam-based full-stack real estate platform, Propzy was founded by John Le. It is an integrated marketplace that offers open house and closing settlements along with turn-key mortgage financing.
The company was established in 2016 with the aim of simplifying the real estate system in Vietnam. Its online system of property transactions makes it easy and affordable for every busy individual in Vietnam to deal with their real-estate work.
During the entire process of the consultation, every user has the right to consult with their region’s expert and ask for their support during any necessity regarding any legal issue. The company covers every stage of the transaction of real estate including brick-and-mortar sales centers and online marketplaces for financial products, listings, and enterprise software for property managers and tenants.
The Ho Chi Minh city-based Propzy announced that it has raised $25 million in funds in a Series A.
This round was led by the Venture arm of SoftBank Groups, SoftBank Ventures Asia, and Gaw Capital, which is a Hong-Kong based private equity fund management.
Some existing investors also participated in this funding which are FEBE Ventures, RHL Ventures Breeze, RSquare, Next Billion Ventures, and Insignia.
The founder and CEO of Propzy, John Le likes to title the company “firetech” instead of a “proptech” as he uses fire for the acronym of insurance, financial, and real estate technology.
Le worked in a mortgage trading platform, LoanTrader before starting Propzy. He came to Vietnam in 2009 with the aim to launch an international credit bureau in alliance with TransUnion but after being exposed to the burdensome process of buying and renting a property in the country, he decided to establish a real estate company that facilitates and helps their people in easy going real estate processes.
The online marketplace of Propzy always receives warm compliments from the sales centers as thousands of properties by the company are pre-screened by their staff before they finally add to the listings. Since its launch, Propzy has operated over $1 billion in transactions of property which made it Vietnam’s largest offline-to-online real estate network.
John Le also said that the real estate market of Vietnam has been drowned downward by the pressure of the pandemic due to the 70%reduction in business during the April lockdown of the country and this increases the online searches about selling their properties.
The company currently has 400 staff in 30 brick-and-mortar sales centers but the company aims to increase that number to 1300 staff members in 70 sales centers in the coming 18 months and this new funding will surely help them in doing so.
The Series A funds will be used by Propzy in growing its product line and also in providing a balance sheet for its extension into mortgage finance.
The company also plans to expand its operations beyond Ho Chi Minh and especially in the Hanoi region. They also aim to broaden their roots to Malaysia, Thailand, and the Philippines in the coming years.
The managing partner of Gaw Capital, Humbert Pung said that Propzy is a different example of the potential macroeconomics of Vietnam and there is enormous potential in the company even for the coming years because it has continuously shown the innovative breakthrough in the offline-to-online real estate market’s business models.
Conclusion
Propzy has announced its raising of $25 million in series A which was led by the Venture arm of SoftBank Groups, SoftBank Ventures Asia, and Gaw Capital, which is a Hong-Kong based private equity fund management and also got the support from existing investors which were FEBE Ventures, RHL Ventures Breeze, RSquare, Next Billion Ventures, and Insignia. The company aims to grow its product line and also wants an extension into mortgage finance. They also focused on expanding their operation beyond Ho Chi Minh, especially in Hanoi for now.
FAQs
Ans. Propzy has raised $25 million.
Ans. This was Series A.
Ans. SoftBank Ventures Asia and Gaw Capital led this round.
Ans. The company aims to grow its product line and also wants an extension into mortgage finance. They also focused on expanding their operation beyond Ho Chi Minh, especially in Hanoi
