Thursday, 3 April 2025
24.9 C
Singapore
26.8 C
Thailand
20.7 C
Indonesia
27 C
Philippines

Propzy raises US$25 million in Series A round

In a Series A round led by Gaw Capital and Softbank Ventures Asia, Vietnam’s prop-tech startup, Propzy, has successfully raised US$25 million in funding. With the fresh capital secured, the “FIRE-tech” (financial, insurance and real estate technology) startup – a term coined and preferred by CEO John Le – looks forward to furthering its leasing […]

In a Series A round led by Gaw Capital and Softbank Ventures Asia, Vietnam’s prop-tech startup, Propzy, has successfully raised US$25 million in funding.

With the fresh capital secured, the “FIRE-tech” (financial, insurance and real estate technology) startup – a term coined and preferred by CEO John Le – looks forward to furthering its leasing services by capitalizing on its online to offline platform competencies.

Founded in 2016, Propzy’s online to offline mode of operations are primarily in Ho Chi Minh City and its offline operations consist of 30 brick-and-mortar sale centres, with 400 sales staff employed. It looks to grow to 70 sales centres and 1,300 staff respectively in the next 18 months. These centres provide services which include (but are not limited to) logistical as well as administrative financing and insurance assistance for prospective buyers.

On the other hand, the online marketplace that it operates provides reliable purchases, sale, and tenancy services for listed properties which have undergone staff review that users can peruse – the number of properties that Propzy claims to have listed fall in the tens of thousands range.

As shared by Le, Propzy has closed over US$1 billion property transactions since its inception, putting Propzy as Vietnam’s leading offline-to-online real estate network.

With the World Bank categorising 70% of Vietnam’s population as economically secure, the country is considered to have one of the fastest-growing economies in the region after reaching its goal of 5% GDP growth in 2020 amidst a global health emergency.

In a vote of confidence, Senior Partner of SoftBank Ventures Asia, Danial Kang, shared that “The security that the Vietnamese economy offers to property investors and home buyers is ideal for Propzy to thrive.” Managing Partner of Gaw Capital, Humbert Pang supports the investment commenting that “Given the favourable macroeconomics exhibited by Vietnam and Gaw’s conviction in offline-to-online business models in real estate, we are excited by our investment into Propzy. We see the value proposition and steadfast vision that Propzy and its management team brings to the table and are therefore very optimistic in Propzyโ€™s business and the market within which it operates.”

Although Propzy was not immune to the wide-reaching impacts of the pandemic as it saw a 70% reduction in business amidst the country’s lockdown back in April, Le noted a silver lining – more people had been doing online searches and submitting inquiries about property sale. Such occurences places Propzy’s trajectory at an optimistic level as Le shares that “We’re carrying an all-time high pipeline of deals, as consumers start to have more confidence and know where the market will be in two to three months. People still need houses, so deals in the pipeline are three times over the fourth-quarter average.”

Given Propzy’s promising forecast, Le adds that he looks forward to potential transactions closing quickly as it puts them on track towards achieving their goals by end 2020.

Hot this week

World Backup Day 2025 highlights the shift from backup to restore in AI-driven era

Pure Storage calls for a shift from backup to rapid restore on World Backup Day 2025, highlighting AIโ€™s demand for resilient data recovery.

Evento Seguro simplifies insurance access for event organisers in Brazil

Evento Seguro by Chubb makes event insurance easier for Brazilian organisers through a digital platform by Sympla and discovermarket.

Chinese investor questions commercial future of humanoid robots

Chinese venture capitalist Allen Zhu questions the commercial potential of humanoid robots, sparking debate amid rising AI investment in China.

Tenable reveals privilege escalation flaw in Google Cloud Run

Tenable uncovers a privilege escalation flaw in Google Cloud Run, exposing risks linked to inherited permissions and service interdependencies.

DEEPAL launches flagship S07 and opens showroom in Singapore

DEEPAL launches in Singapore with new showroom and flagship S07 electric SUV, marking its sixth global market.

Qualcomm expands AI research with MovianAI acquisition

Qualcomm has acquired Vietnamese AI research firm MovianAI to boost its AI development in smartphones, PCs, and software-defined vehicles.

Roblox introduces new parental controls to enhance child safety

Roblox introduces new parental controls, allowing parents to block games, restrict friends, and monitor their childโ€™s activity for better safety.

Anthropic introduces Claude for Education, a new AI chatbot plan for universities

Anthropic launches Claude for Education, an AI chatbot plan for universities that offers advanced learning tools and administration support.

Exabeam introduces Nova, an agentic AI that boosts cybersecurity operations

Exabeam unveils Nova, a proactive AI agent that boosts security team productivity and reduces incident investigation time by over 50%.

Related Articles