A $12 million fundraising round for Propseller, a Singapore-based proptech company, was headed by Vertex Ventures Southeast Asia and India with participation from Partech, ICCP SBI, Vulpes Ventures, and Redbadge Pacific.
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 the city-state.
After seeing an 11x increase in revenue from the year before, the firm claimed that it achieved profitability last year.
Adrien Jorge, a former general manager at Groupon in Southeast Asia, founded Propseller. It received US $1.2 million in seed investment in October 2020 from sources including Hustle Fund, Stein Jakob, a co-founder of Lazada, and Ben Neve, the creator of Dot Property.
The company intends to utilize the new money to broaden its product portfolio and enter new markets. It also plans to hire an additional 250 employees to fill the product, sales, and operations positions, a 5x increase in the workforce.