August 8th 2022
Properly raises $36M CAD in financing to accelerate transformation of Canadian real estate
As the leader in providing tech-enabled real estate solutions for Canadians, Properly becomes best funded and fastest growing real estate startup in Canada.
As anyone who follows the real estate market in Canada knows, the last few months have been full of change as the market has responded to the BoC rate hikes. Major dynamic shifts have also impacted the fundraising environment for technology companies. As a company that sits at the intersection of both real estate and tech, it is with great excitement and pride that we at Properly announce a $36 million CAD financing round. This injection of capital will help us lead the transformation of the Canadian real estate industry. More importantly, it will allow our team to deliver on our mission to make real estate more consumer-centric.
Now, to get down to the numbers: this round of financing brings Properly’s total funding to $192 million CAD, making it the best funded and fastest growing real estate startup in the country. What’s more, since launching in Toronto in Summer 2020, Properly has supported over $1 billion CAD in transactions. That’s a lot of people finding their dream homes!
"We’re working to create a world where customers can buy and sell a home with confidence and certainty, eliminating the unnecessary friction and stress of the traditional way,” said Anshul Ruparell, CEO and Co-Founder of Properly. "Our approach of grounding our products, services and technology in what will improve Canadians’ real estate experience has led to exciting growth and changes to the industry that are long overdue. We’re thrilled to have this additional funding to be able to support more customers across more points in their real estate journey."
What does this new investment mean for our customers? Really what it means is that we can continue on our mission to create a seamless and stress-free real estate experience for all Canadians. We will continue to invest in technology and expand our offering of products and services that solve critical problems for customers, which have previously been ignored by the traditional real estate industry.
Our investors also had some nice things to say.
“We’ve been impressed with what Properly has been able to accomplish since its last fundraising round, as they’ve proven they understand the needs of Canadian home buyers and sellers and can build offerings that are not only resilient in uncertain markets but are extremely beneficial for the customer,” said Merritt Hummer, Partner at Bain Capital Ventures. “We were eager to continue our support and expand our investment in the company as they continue to be uniquely positioned to lead the transformation of the real estate category in Canada."
This financing follows a $100 million CAD credit facility financing, which enables us at Properly to purchase a customer’s home if it doesn’t sell on the market, and a $44 million CAD Series B financing. During the last year alone, we’ve driven exponential growth and expanded from operating solely in the GTA into the country’s second largest real estate market: Vancouver. With this expansion, Properly is now positioned to become the real estate partner of choice for more than 50% of the total Canadian real estate market.
What else have we been up to over the last year? We also launched our in-house mortgage offering, providing financing solutions to customers to create a more streamlined buying and selling experience. In addition to these milestones, Properly partnered with two of Canada’s most well-known real estate experts and personalities, Drew and Jonathan Scott, who have invested in the company and serve as ambassadors as Properly grows its brand within Canada.
This fundraising announcement is a show of confidence that our investors are as passionate as we are about solving age-old real estate challenges for customers. This additional capital will enable us at Properly to continue to solve those challenges and innovate for a future where buying or selling your home feels as joyful as it should.