Internet and telecommunications group SoftBank has co-led a $25m series A round for Vietnam-based online real estate portal Propzy with private equity fund Gaw Capital, through subsidiary SoftBank Ventures Asia.
The round, reported by TechCrunch yesterday and confirmed by the company today, included real estate services provider RSquare, Next Billion Ventures, RHL Ventures, Breeze, Febe Ventures and Insignia Ventures Partners.
Propzy runs an online platform where users can negotiate the property buying process in a more streamlined manner, listing properties for sale in addition to providing mortgage financing options and property management software.
John Le, Propzy’s founder and chief executive, said: “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 $1bn in property transactions since inception and anticipate another record-setting year of growth, as we continue to expand.”
The company had previously raised $12m according to Reuters, half of that coming in a 2019 round led by Stonebridge Capital. Frontier Digital Ventures provided $1.6m in 2017 and its early investors also include home shopping service GS Shop, Next Billion Ventures, Insignia and TNB Aura.
