Asia PacificBreaking News

$14.5 M real estate deal closed by proptech startup Propseller

The greatest sale to date for Singapore-based proptech startup Propseller was the closing of a S$20.5 million (about $14.5 million USD) contract for a property in Sentosa Cove.

The acquisition is among Singapore’s top 50 residential transactions of the year, according to a LinkedIn post by the startup’s CEO, Adrien Jorge. He continued by saying that the deal’s money brought in by Propseller was “as much revenue in a single day as we’ve produced in our first 501 days as a company.”

Having been established in 2018, Propseller runs a tech-driven real estate business with its own paid agents. It only levies a 1% commission fee on each transaction, which is less than half the going rate in Singapore.

Jorge founded the business after working as Groupon’s general manager for Southeast Asia. A series A fundraising round headed by Vertex Ventures Southeast Asia and India saw Propseller raise $12 million in August.

 

 

SHARE

Related Articles

Back to top button