Propzy seeks to raise $50 million in series B funding

July 02, 2021 - 14:08
Proptech start-up Propzy is seeking to raise US$50 million in series B funding.


A Propzy office in HCM City. The company is soliciting series B investment. — Photo Courtesy Propzy

HCM CITY — Proptech start-up Propzy is seeking to raise US$50 million in series B funding.

John Lê, its CEO, said discussions had been held with a number of potential investors interested in Việt Nam.

The funding would be used to further penetrate the HCM City market and country-wide expansion, he said. 

“Complementing the geographic expansion will be product introductions such as mortgage finance and asset management businesses. By mid-2022, Propzy will have launched its services in Hanoi and entered tier-two cities.”

In the meantime, to execute its upcoming 24-month plan, the company has hired some key management people like chief financial officer, VP of Sales and head of corporate, legal.

Propzy raised US$25 million in series A funding last year from investors led by Gaw Capital and SoftBank Ventures Asia, the early-stage venture arm of SoftBank Group. 

Other investors included Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare and Insignia.

John Lê said: "Our strategy and execution have been working as evidenced by the company's success over the past year; particularly during the last three quarters despite the COVID-19 pandemic. During this time, the company made heavy investments in technology and operating infrastructure, consolidated and improved its transaction centres and launched a city-wide brand campaign.”

As a result, there is strong support from shareholders and investors to speed up the series B round, he added.

Propzy is in the secondary and rental markets. — VNS