Investments from Bain Capital Ventures, Intact Ventures, FCT, and a cadre of prominent angel investors to bring long overdue innovation to Canada's real estate market
TORONTO, July 21, 2021 /PRNewswire/ - Today, Properly, the Canadian tech-enabled real estate brokerage, announces US$35M in Series B financing to fuel a national expansion across Canada's $400bn real estate market. Bain Capital Ventures led the financing, and was joined by strategic investors Intact Ventures, the venture arm of Canada's largest provider of property and casualty insurance, and FCT, the leading national service provider in real estate technology and title insurance.
A number of prominent individuals also participated in the round, including Mike Katchen (co-founder and CEO of Wealthsimple), Spencer Rascoff (co-founder and former CEO of Zillow and Pacaso) through his firm 75 & Sunny, Eric Wu (co-founder and CEO of Opendoor), Lydia Jett (Softbank Vision Fund), and Jonathan Ehrlich (Partner at Foundation Capital and former head of marketing at Facebook).
"We're creating a future where Canadians can buy or sell a home with dramatically less friction and surprising simplicity," said Anshul Ruparell, co-founder and CEO of Properly. "We're bringing best-in-class tools and services to the market to support our customers from their initial home search through to closing a home sale. As a result, we've experienced exponential growth, but we're just at the start of our journey. We're excited to use this financing to bring better services to Canadians across the country."
"We have invested in several promising PropTech companies in the U.S. and our investment in Properly is our first of this kind in Canada," said Merritt Hummer, Partner at Bain Capital Ventures. "The vision that Anshul and his team have to transform the home buying and selling experience and the unquestionable need for innovation in the Canadian real estate industry is what compelled us to invest in Properly. We are proud to lead their Series B financing to help accelerate their growth plans nationally."
Properly is working to make real estate transactions genuinely frictionless. The strategic investments from Intact Ventures and FCT will complement existing partnerships with major Canadian banks to enable Properly to provide a more seamless home buying experience for Canadians.
"We were impressed by Properly's growth and the innovative tools and services the company has already brought to the real estate industry," said Justin Smith-Lorenzetti, Investment Director at Intact Ventures. "The company's vision to better serve the customer, especially in major real estate markets, is important. We're looking forward to working with Anshul and his team and supporting Properly in enabling a more seamless home buying experience for Canadians."
"Investing in Properly is consistent with FCT's desire to support innovative companies with strategies to streamline real estate transactions," said Michael LeBlanc, CEO of FCT. "We look forward to supporting Properly's vision to advance the real estate journey for Canadian homebuyers."
Properly's current portfolio of proprietary tools and services includes:
- Sale Assurance: Gives homeowners the ability to unlock equity in their existing home so they can buy first, move in, and sell on the market later.
- Instant Estimate: Canada's most accurate free home value calculator to understand and track the value of a home.
- Discovery Portal: A best-in-class portal for browsing home listings and previously sold homes with a user base growing 90% every month.
- Properly Polish: Helps clients maximize their home's sale price by providing a $20,000 interest free advance for home improvements.
- Skip The Showings: Accommodations will be paid for by Properly so home sellers can skip the inconveniences of home showings.
Existing investors Prudence Holdings, FJ Labs, Golden Ventures,1984 Ventures, Max Ventures, Alleycorp (Kevin Ryan), and Interplay also participated in this round.
Properly is a Canadian tech-enabled real estate brokerage transforming the home buying and selling experience. Properly launched in 2018 with the goal of making real estate customer centric. The company is headquartered in Toronto. To learn more, visit www.properly.ca.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 340 companies, including Attentive, Digital Currency Group, DocuSign, Flywire, Jet.com, LinkedIn, Redis Labs, Rent the Runway, SendGrid, and SurveyMonkey. Bain Capital Ventures has $7.3 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto.