Toronto-based real estate technology startup Properly says it has raised $22 million in Series A funding, $12 million in equity and an initial $10 million debt facility to accelerate its expansion in Calgary and launch in Edmonton in the fall, along with other Canadian cities.
Founded in 2018, Properly says it uses machine learning to enable homeowners to discover what their home would sell for on the open market, with the option to sell directly to Properly and close within as little as five days. Properly offers a price match guarantee, which means if the home sells for more than Properly’s offer, the majority of the upside is refunded to the customer.
The company says its service provides certainty, convenience and transparency, eliminating common issues associated with a home sale – inconvenient home showings, costly repairs, uncertain timelines and the risk of the offer falling through.
“Selling or buying a home is one of the most significant milestones in your life, yet the existing process is complicated, time consuming and stressful,” said Anshul Ruparell, CEO of Properly, in a news release. “We’re thrilled to offer Canadians the ability to get a near-instant offer on their home and to close a home sale on their schedule with certainty.”
Properly launched in Calgary last summer.
The recent equity funding was led by Prudence Holdings (founding investor in Compass) and FJ Labs (investors in Airbnb, Roofstock and Clearbanc), with participation from Golden Ventures, Kevin Ryan of AlleyCorp and others.
“There’s been a lack of innovation around real estate in Canada, but that’s changing with Properly,” said Gavin Myers, general partner of Prudence Holdings. “Investing in Properly was a clear choice because they’re providing the services homeowners want – convenience and transparency – while eliminating the pain points of selling a home. With an outstanding team, attractive business model and strong traction we see direct parallels to the early days of Compass and are confident in Properly’s potential to transform the real estate market in Canada.”