Properly raises $44 million to ‘provide a more seamless home buying experience for Canadians’

Properly sign (CNW Group/Properly)

Toronto-based Properly announced it has raised $44 million (CAD) in Series B financing.

The tech-enabled real estate brokerage stated the investment will be used “to fuel a national expansion across Canada’s $400bn real estate market” and “to enable Properly to provide a more seamless home buying experience for Canadians.”

The backing was compiled of Bain Capital Ventures, Intact Ventures and FCT. Individual investors 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), joined the round.

In addition, existing investors Prudence Holdings, FJ Labs, Golden Ventures,1984 Ventures, Max Ventures, Alleycorp (Kevin Ryan), and Interplay also participated in this round.

“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.”

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