Propzy Raises $25M Fund from Gaw Capital and Softbank Ventures Asia
HO CHI MINH CITY, Vietnam, June 10, 2020 /PRNewswire/ -- Propzy, a full-stack real estate platform based in Vietnam, has raised $25 million in a Series A round of funding led by Gaw Capital and Softbank Ventures, along with new and existing investors, Next Billion Ventures, RHL Ventures Breeze, FEBE Ventures, RSquare, and Insignia.
With the investment, Propzy commits to simplifying real estate transactions, from beginning to end, and managing the assets or logistics to streamline the entire real estate lifecycle, such as leasing and purchasing of landed houses and high-rise condos.
The company will also continue its expansion into leasing services by leveraging the online to offline capabilities of its platform, which has recorded 50% month-over-month growth.
As the only "firetech" (financial, insurance and real estate technology) company in Vietnam, the company pioneered the hybrid online to offline model that offers a full-stack real estate platform.
"Propzy is an example of the many macroeconomic successes in Vietnam. With its innovative breakthrough in real estate's offline to online business models, we see the immense potential of Propzy to skyrocket," said Gaw Capital's Managing Partner, Humbert Pang.
Vietnam has emerged as a thriving real estate market in Southeast Asia. Despite the global crisis and coronavirus pandemic, Vietnam has reached its target of over 5% GDP growth in 2020.
Despite this, however, the real estate industry still lags in terms of its adoption of new technology.
"Sellers see uncovering buyers needs as a headache that slows the buying process. Therefore, we invited a group of world-class investors to provide an advanced solution. With the largest number of estate agents in Vietnam - around 400 sales staff operating in 30 locations - we have facilitated over $1 billion in property transactions since inception and anticipate another record-setting year of growth, as we continue to expand," said Founder and CEO of Propzy, John Le.
Vietnam's robust economy is one of the fastest-growing in Southeast Asia. Research by the World Bank found that 70% of Vietnam's population is considered economically secure. Propzy is now well-positioned to scale its market leadership to 70 centers and 1,300 advisors nationwide over the next 18 months.
"The security that the Vietnamese economy offers to property investors and homebuyers is ideal for Propzy to thrive. We are excited to support the company in its mission to enable a 10X consumer experience in real estate," said Daniel Kang, Senior Partner of SoftBank Ventures Asia.
Founded in 2016 by Mr. John Le, Propzy is a full-stack real estate platform and integrated marketplace offering open house, closing-settlement services, and turn-key mortgage financing. The founder is a multiple exit serial entrepreneur behind numerous leading fintech companies, including LoanTrader and Portellus, with blue-chip investment from Goldman Sachs, CitiGroup, GE Capital, Zurich, FBR Capital and IAC.
About SoftBank Ventures Asia
Founded in 2000, SoftBank Ventures Asia is the early-stage venture arm of SoftBank Group. Their expertise lies in ICT investments including AI, IoT, and smart robotics. They look for early to growth-stage startups that have strong business potential in the global market and assist them to be plugged into the SoftBank ecosystem by facilitating side-by-side growth.
About Gaw Capital Partners
Gaw Capital Partners is private equity fund management company that focusing on real estate markets in greater China and other high barrier-to-entry markets globally. Specializing in adding strategic value to under-utilized real estate, the firm's investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, hospitality and logistics warehouses.