Propzy, a Vietnam-based real estate marketplace backed by home shopping service GS Shop, plans to raise $25m in a series B round expected later this year, DealStreetAsia reported yesterday.
Founded in 2016, Propzy runs an online real estate portal enables property owners in Ho Chi Minh City to market their assets and process applications from potential customers.
The platform automatically evaluates the market value of each property and also facilitates viewings and reference checks.
The series B capital will be used to diversify the company’s services, with the introduction of tenant access and mortgage banking on the horizon. It expects to reach profitability by the second quarter of 2020.
Propzy also intends to enter new geographical markets over the coming months, beginning with Vietnam’s other large city, Hanoi, before moving into in other countries in Southeast Asia.
Propzy’s overall funding reportedly stands at $12m. It most recently secured $6m earlier this year, in a previously undisclosed round led by investment firm Stonebridge Capital, according to Reuters.
GS Shop is among the company’s earlier investors, as are Insignia Ventures Partners, TNB Aura and Next Billion Ventures. E-commerce company builder Frontier Digital Ventures invested $1.6m in Propzy in June 2017, according to Tech In Asia.