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Tech-Enabled Real Estate Brokerage Firm Properly Raises $36 Million in New Financing to Accelerate Transformation of Canadian Real Estate
Tuesday, August 9, 2022Company Profile | Follow Company
Toronto, ON and Vancouver, BC, August 9, 2022--(T-Net)--Properly announced today a new $36 million CAD financing round.
This round of financing brings Properly's total funding to $192 million CAD, making it the best funded and fastest growing real estate startup in the country, according to the company.
Properly is a tech-enabled real estate brokerage firm headquartered in Toronto, who have also opened offices and registered a local real estate brokerage business in BC earlier this year (in February 2022).
The company offers a Sale Assurance service which enables homeowners to put a competitive offer on their desired home, buy it, and move in — without the pressure to sell their current place first.
Properly also says it offers "Canada's most accurate home valuation report", homeowners can obtain a free and instant assessment of their home's value that is always up-to-date, according to the company.
This injection of capital will help the company continue its mission to make real estate more consumer-centric. Since launching in Toronto in Summer 2020, Properly has supported over $1 billion CAD in real estate transactions.
"We're working to create a world where customers can buy and sell a home with confidence and certainty, eliminating the unnecessary friction and stress of the traditional way," said Anshul Ruparell, CEO and Co-Founder of Properly. "Our approach of grounding our products, services and technology in what will improve Canadians' real estate experience has led to exciting growth and changes to the industry that are long overdue. We're thrilled to have this additional funding to be able to support more customers across more points in their real estate journey."
"We've been impressed with what Properly has been able to accomplish since its last fundraising round, as they've proven they understand the needs of Canadian home buyers and sellers and can build offerings that are not only resilient in uncertain markets but are extremely beneficial for the customer," said Merritt Hummer, Partner at Bain Capital Ventures. "We were eager to continue our support and expand our investment in the company as they continue to be uniquely positioned to lead the transformation of the real estate category in Canada."
This financing follows a $100 million CAD credit facility financing, which enables Properly to purchase a customer's home if it doesn't sell on the market, and a $44 million CAD Series B financing.
During the last year alone, the company says it has driven exponential growth and expanded from operating solely in the GTA into the country's second largest real estate market: Vancouver. With this expansion, Properly is now positioned to become the real estate partner of choice for more than 50% of the total Canadian real estate market.
The company also reported that it launched their own in-house mortgage offering in the past year, providing financing solutions to customers to create a more streamlined buying and selling experience.
Properly partnered with two of Canada's most well-known real estate experts and personalities, Drew and Jonathan Scott, who have invested in the company and serve as ambassadors as Properly grows its brand within Canada.
About Properly
Properly is a new kind of real estate brokerage that is transforming the real estate experience for Canadians with innovative tools, services and technology that take the stress out of real estate. With a mission to make real estate customer-centric, Properly strives to create a future where real estate transactions involve dramatically less friction and surprising simplicity. With Canada's first buy, move and then sell real estate model, Properly makes it easier for Canadians to get into their dream home.
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