Propy the Blockchain-based real estate startup has recently raised at least $1.2 million in a funding round which included Tim Draper and Michael Arrington. Propy is an organization that is supported by Silicon Valley leaders and the National Association of Realtors. Their efforts have been revolutionizing the real estate industry by deploying new trending technologies.
Propy was built with a motive to bring in measures of automation in the real estate sales process owing to the extremely frustrating process of due diligence. The company has registered a first in allowing entirely online and self-driving technology on smart contracts. Its novel software delivers more revenue and goes a long way in cutting costs for brokerages.
Earlier on September 15th, the real estate company said in its SEC filings that it looks at raising an additional $500,000 for a total of around $1.7 million. Tim Draper believes in the vision and went on to say that the concern has thought about the entire transition process. It intends to blend technology with the system of real estate right from the sale to title to a blockchain solution with enough automation to streamline the process. Tim Draper is known to be an avid investor for tech ventures and has not made what his stake is in Propy.
Second Century Ventures REACH incubator and Escrow Agent Japan also joined Draper and Arrington in the round. The venture capital firm, a part of the US National Association of Realtors (NAR) had earlier bought a stake in Propy. Second Century Ventures invested last year in Propy for an undisclosed amount through its REACH accelerator program. Based on its investment that Propy CEO Natalia Karayaneva said:
“We believe Propy is at the forefront of bringing automation and blockchain to real estate with its easy-to-use platform for agents, buyers, and sellers. Working with Second Century Ventures (SCV) and NAR executives will help to achieve the adoption of our products. We look forward to the next chapter in order to better our business tactics and goals at Propy.”
The funding round that took place was a successful attempt and will encourage the further introduction of technologies.
“Nobody believes transaction automation can happen any time soon, but our backers bet on this opportunity now,” Propy CEO Natalia Karayaneva stressed.
Propy allows users to transact real estate online. It has been recording deals on a blockchain as well as traditional methods. Previously the organization raised $15.5 million through an initial coin offering in 2017. Its platform is blockchain-powered that connects real-estate buyers, sellers, and brokers letting them close the property deals in a paperless, online process. Propy also provides different real estate agent tools including DocuSign to ensure that security risks are reduced.
For those who are unaware, the firm also helped TechCrunch founder Michael Arrington buy a $60,000 apartment in Kiev using Ethereum and Smart contracts to settle the deal.