Singaporean startup Propseller has closed a S$1-million ($731,000) seed funding round from industry entrepreneurs and senior executives, the company said in a statement.
Propseller helps prospective property sellers and landlords find and compare the best property agents. It will use the fresh funds to accelerate its growth and further develop its technology focused on a “transparent approach” to select an agent using
independent reviews and agents’ track records.
The startup’s model and progress have attracted investments from prestigious business angels. Local entrepreneurs Yang Bin Kwok and Erwan Mace, founders of two of Singapore’s most successful startups, Zopim and Muslim Pro respectively, were in the round.
They were joined by some industry senior executives. Most notably PJ Vandepitte (global COO of Foodpanda), and real estate industry veteran Yvan de Rham (former Chairman of Sotheby’s International Realty for Switzerland) who commented “Propseller is doing at scale something that the industry needed for a long time: to make agents accountable for their work, from the very first phone call until after the contract is signed.”
Only 12 months after its launch, Propseller said owners using the platform have already put up for sale or rent S$500 million in combined property value. On the agent side, the traction is just as high, with 500 handpicked agents – from estate agencies such as PropNex, ERA and Sotheby’s – embracing the transparency route, joining Propseller and allowing client to rate their services.
“We invite only the best agents to join, then we have a very clear game play with them: delivering the highest level of service is the only way for them to build and maintain a reputation on Propseller,” the startup said.
The startup sees its service as “complementary” to the property listing portals. “PropertyGuru or 99.co are presenting properties to buyers and tenants. – AsiaPEVC.com
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