Participated · Series A · Jun 2020

Propzy, founded in 2016, operates an offline-to-online real estate platform that combines brick-and-mortar sales centers with an online marketplace, mortgage products and enterprise software for property managers and tenants. Founder and CEO John Le describes the business as "firetech" (financial, insurance and real estate technology), and the company pre-screens tens of thousands of properties via its sales centers. Most operations are in Ho Chi Minh City; Propzy plans to expand into Hanoi through the rest of this year and 2021 and later explore Thailand, Malaysia and the Philippines. The company currently runs 30 sales centers with 400 sales staff and expects to grow to 70 centers and 1,300 staff within 18 months. Since launch it has handled more than $1 billion in property transactions. Propzy built an automated valuation model used for pricing and to help partner banks pre-approve loans, and after move-in offers tenant software for maintenance and resale or rental listing. The pandemic caused a 70% reduction in business during the April lockdown, but Propzy reports an all-time high pipeline of deals—three times its fourth-quarter average.