Toronto-based real estate technology provider Properly has raised C$22 million in Series A financing, consisting of C$12 million in equity and an initial C$10 million debt facility. The equity funding was led by U.S. venture capital firms Prudence Holdings and FJ Labs, with participation from Golden Ventures, AlleyCorp‘s Kevin Ryan and others. Properly is also backed by Inovia Capital, Loric Ventures and Max Ventures. Founded in 2018 by CEO Anshul Ruparell, COO Sheldon McCormick and CTO Craig Dunk, Properly uses machine learning to help homeowners discover what their home would sell for on the open market, with the option to sell directly to Properly.
TORONTO, Aug. 13, 2019 (GLOBE NEWSWIRE) — Properly, a Toronto-based real estate technology startup, today announced $22 million in Series A funding, having raised $12 million in equity and an initial $10 million debt facility. The equity funding was led by Prudence Holdings (founding investor in Compass) and FJ Labs (investors in Airbnb, Roofstock and Clearbanc), with participation from Golden Ventures, Kevin Ryan of AlleyCorp and others. The investment will accelerate Properly’s expansion within Calgary and to other Canadian cities, including Edmonton in Fall 2019.
Founded in 2018, Properly uses machine learning to enable homeowners to discover what their home would sell for on the open market, with the option to sell directly to Properly and close within as little as five days. Properly offers a Price Match Guarantee, which means if the home sells for more than Properly’s offer, the majority of the upside is refunded to the customer. Properly’s service provides certainty, convenience and transparency, eliminating common issues associated with a home sale – inconvenient home showings, costly repairs, uncertain timelines and the risk of the offer falling through.
“There’s been a lack of innovation around real estate in Canada, but that’s changing with Properly,” said Gavin Myers, General Partner of Prudence Holdings. “Investing in Properly was a clear choice because they’re providing the services homeowners want – convenience and transparency – while eliminating the pain points of selling a home. With an outstanding team, attractive business model and strong traction we see direct parallels to the early days of Compass and are confident in Properly’s potential to transform the real estate market in Canada.”
After launching in Calgary last summer, Properly is now buying or selling a home nearly every day and growing rapidly. The company is now looking to add employees across all departments.
“Selling or buying a home is one of the most significant milestones in your life, yet the existing process is complicated, time consuming and stressful,” said Anshul Ruparell, CEO of Properly. “We’re thrilled to offer Canadians the ability to get a near-instant offer on their home and to close a home sale on their schedule with certainty.”
Properly’s founding team has experience building and scaling high-growth technology companies that transform industries through amazing customer experience. Anshul Ruparell (CEO) is a former private equity and venture capital investor, and has been involved in several early-stage ventures across the U.S. and Canada. Sheldon McCormick (COO) launched UberX in Toronto, and played a key role in Uber’s scale-up across Canada. Craig Dunk (CTO) was one of the first 50 employees at Blackberry (RIM) where he co-created Blackberry Messenger/BBM and Relay before moving on to executive roles at D2L and VarageSale.
To learn more about Properly and current job openings, please visit www.properly.ca.
At Properly, we are on a mission to transform the process of buying and selling homes. We envision a future where real estate transactions involve dramatically less stress and surprising simplicity, and where a trusted technology partner helps Canadians navigate the entire experience of buying, selling and owning a home. By harnessing the power of data science, technology, and human-centered design, we’ve developed a seller experience that delivers a market price offer for your home in 48 hours with the ability to close at a time of your choosing. For home buyers, we’re reimagining the whole experience from home discovery through mortgage financing and renovations to close.
To learn more, visit www.properly.ca.