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Vietnamese real estate startup Propzy raises $25mn in series A funding

Vietnamese real estate startup Propzy raises $25mn in series A funding

Friday, June 12, 2020, 21:46 GMT+7
Vietnamese real estate startup Propzy raises $25mn in series A funding
Propzy employees work at an office in Ho Chi Minh City, Vietnam. Photo: Duc Thien / Tuoi Tre

Propzy, a Ho Chi Minh City-based startup whose online platform facilitates property transactions, has just raised US$25 million in a Series A round from Gaw Capital and SoftBank Ventures Asia. 

The startup’s existing investors consist of Next Billion Ventures, RHL Ventures Breeze, FEBE Ventures, RSquare, and Insignia.

Propzy co-founder and CEO John Le said on Thursday the new investment would enable the company to develop new product lines and simplify real estate transactions and logistics services relating to the entire life cycle of a property.

The new capital will also allow Propzy to expand direct financial assistance for real estate credit.

During the whole process, users can also consult with real estate experts in the region and ask for their support regarding legal issues when necessary.

The startup would take advantage of Propzy.vn’s business model, which has consistently recorded 50-percent month-over-month growth, to develop leasing services.

Founded in 2016 by John Le, Propzy is a full-stack real estate platform and integrated marketplace offering open house, closing-settlement services, and turn-key mortgage financing.

“Propzy.vn is a distinct example of the Vietnamese potential macroeconomics. With its innovative breakthrough in real estate's offline to online business models, we can see the enormous potential of Propzy in the future,” remarked Humbert Pang, a representative from Gaw Capital.

Vietnam has emerged as a thriving real estate market in Southeast Asia for the last few years.

Despite the novel coronavirus disease (COVID-19) pandemic, Vietnam is targeting GDP growth of over five percent in 2020, the country's prime minister said in May.

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Kim Thoa / Tuoi Tre News

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