Properly, which calls itself “the Canadian tech-enabled real estate brokerage,” recently announced that it has secured $44 million in Series B financing to fuel a national expansion. Bain Capital Ventures led the financing, joined by strategic investors Intact Ventures, the venture arm of Canada’s largest provider of property and casualty insurance, and FCT, a service provider in real estate technology and title insurance.
The company says a number of individuals also participated in the round, including Mike Katchen, co-founder and CEO of Wealthsimple; Spencer Rascoff, co-founder and former CEO of Zillow and Pacaso through his firm 75 & Sunny; Eric Wu, co-founder and CEO of Opendoor; Lydia Jett of Softbank Vision Fund; and Jonathan Ehrlich, partner at Foundation Capital and former head of marketing at Facebook.
“We’re creating a future where Canadians can buy or sell a home with dramatically less friction and surprising simplicity,” says Anshul Ruparell, co-founder and CEO of Properly, in a news release. “We’re bringing best-in-class tools and services to the market to support our customers from their initial home search through to closing a home sale. As a result, we’ve experienced exponential growth, but we’re just at the start of our journey. We’re excited to use this financing to bring better services to Canadians across the country.”
Properly currently offers proprietary tools and services including:
- Sale Assurance: Gives homeowners the ability to unlock equity in their existing home so they can buy first, move in and sell on the market later
- Instant estimate: An online free home value calculator
- Discovery Portal: A portal for browsing home listings and previously sold homes, which the company says has a user base that’s growing by 90 per cent every month
- Properly Polish: Helps clients maximize their home’s sale price by providing a $20,000 interest-free advance for home improvements
- Skip The Showings: Accommodations will be paid for by Properly so home sellers can skip the inconveniences of home showings
“We have invested in several promising proptech companies in the U.S. and our investment in Properly is our first of this kind in Canada,” says Merritt Hummer, partner at Bain Capital Ventures. “The vision that Anshul and his team have to transform the home buying and selling experience and the unquestionable need for innovation in the Canadian real estate industry is what compelled us to invest in Properly. We are proud to lead their Series B financing to help accelerate their growth plans nationally,” he says in the news release.
“Investing in Properly is consistent with FCT’s desire to support innovative companies with strategies to streamline real estate transactions,” says Michael LeBlanc, CEO of FCT. “We look forward to supporting Properly’s vision to advance the real estate journey for Canadian homebuyers.”
