SAN FRANCISCO, July 14, 2021 /PRNewswire/ -- Proper, an automated accounting and bookkeeping service for property managers, today announced a $9 million Series A investment to continue building the most advanced automated technology designed specifically for real estate accounting. Led by QED, with participation from existing investors MetaProp, Expa, and Bling Capital, the Series A brings the total amount raised to $13.8 million. Proper also announced the appointment of Matt Risley, partner at QED, to the board. The funds allow Proper to accelerate the development of its automated accounting technology, build a new customer-facing platform, and hire strategic talent across all functions.
In recent years, the real estate sector has embraced technology to improve both operations and the consumer experience, though much of the innovation has been in categories such as home buying, selling, and maintenance. Proper is the only proptech company focused on automating accounting specifically for property management, a critical back office function which has historically proven difficult for accounting technology companies to break into, given the nuances specific to this industry.
"The incredible demand we've seen since launch has proven that this industry is hungry for a more efficient, scalable, and cost-effective accounting solution. With the Series A, we are doubling down on product development and scaling our business operations," said Mark Rojas, founder and CEO of Proper. "This year, we're focused on developing advanced automated accounting services in addition to building out our customer-facing platform."
Matt Risley of QED Joins Board
Joining the board of directors is Matt Risley, partner at QED. Matt is a fintech industry expert who was previously chief financial officer of Klarna, where he oversaw an extensive accounting organization with over $1B in revenue. Matt has led investments in a number of successful companies across accounting, payments, and fintech.
"We at QED are always on the lookout for companies that can improve the overall efficiency of the economy at large, and Proper is doing precisely that by removing a tedious back office task and allowing property managers to focus on scaling their businesses," said Matt Risley, partner at QED. "Proper is creating the most comprehensive accounting and bookkeeping solution for the real estate industry, and I'm confident that their approach to combining automated software and hands-on, expert service will position Proper as the category leader. QED is an ideal partner given our track record of over 150 investments that empower entrepreneurs to scale their business while focusing on the things about which they're most passionate."
Team Growth & Strategic Hires
The Series A will further the growth of Proper's team, including several strategic new hires. Throughout 2020, the team grew from 15 employees to 92, and in the first half of 2021 has already increased to 120, with plans to end the year with around 200 team members. Hiring priorities include leadership for Operations, Sales, Marketing, HR, and Recruiting. Proper welcomes several new team members who will drive the development of its automated accounting services:
Bruno Selva, Head of Product – Bruno's deep expertise in blending automation and product development was honed at Automation Anywhere, where he led the AI product line. Bruno's prior experience includes building successful startups in the automation space and bringing new products to market.
Jeff Steward, Head of Automated Services – Jeff brings more than 20 years of experience leading initiatives that transform finance and accounting teams into world-class shared services organizations. Prior to joining Proper, Jeff was a Global Process Owner at Uber, Director of Shared Services at GoDaddy, and VP of Shared Services at Oakwood, where he gained experience in the property management space.
Paul Sanchez, Director of Automated Services – Paul is a seasoned finance leader who has successfully built and scaled finance operations and processes. Before joining Proper, Paul spent 11 years at HP, most recently serving as the North America FP&A Director, and the Global Financial Solutions Director before that.
Proper allows property and asset managers to step back from accounting operations so they can focus on running their businesses. Proven to help improve customers' profit margins and overall operations, Proper's service offering includes accounts payable, bank reconciliations, accounts receivable, and owner payments and statements. Proper's automated platform is supported by a team of accountants with deep expertise in property management. The Series A will be used to further develop the automated accounting technology in addition to the customer-facing platform that provides a detailed picture and analysis of their finances, and allows for easy communication with our services team.
With Proper, a property manager with 1,000 doors would see 63% higher profit margins, would spend 45% less per year on accounting, and would accrue zero costs with back books. By creating efficiencies, improving accuracy, and saving time, Proper provides a scalable, higher-quality service that costs 30% less than in-house property accounting solutions.
Several Proper customers shared their positive experience and door count growth since kicking off with Proper:
Dakota Pacific has seen 37% door count growth after 7 months using Proper. Peter Owen, Controller of Dakota Pacific said: "We see Proper as an integral part of our team, and we're also impressed with their industry knowledge around appropriate accounting procedures that save us time and prevent potential errors. We appreciate their ongoing improvement of our month-end close and their partnership in creating more efficiencies for our business."
PMI Commonwealth has experienced a 13% door count growth in less than a year working with Proper. Michael Johnson, President of PMI Commonwealth shared: "Proper is well worth the money. They not only catch mistakes but they free up hours of my time, allowing me to focus on other important responsibilities such as meeting with current and future clients so I can grow my business. They are professional, knowledgeable, responsive, and friendly."
Proper is building the most advanced automated accounting solution designed specifically for the real estate industry. Proper provides expert accounting and bookkeeping services to property managers, asset managers, and anyone in the world of property. Using automation to superpower a team of Fortune 500-qualified financial specialists, Proper delivers more efficient, cost-effective, and scalable accounting and bookkeeping services for property.