Properly announces successful Series B financing round

The tech-enabled brokerage is looking to step up its expansion efforts across Canada

Properly announces successful Series B financing round

Tech-enabled brokerage Properly has announced $44 million in Series B financing to fuel its Canadian expansion efforts.

The round of financing was led by Bain Capital Ventures, and joined by strategic investors Intact Ventures and FCT.

Also participating were angel 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).

“We have invested in several promising proptech companies in the US and our investment in Properly is our first of this kind in Canada,” said Merritt Hummer, partner at Bain Capital Ventures. “The vision that [Properly co-founder and CEO Anshul Ruparell] 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.”

Read more: Accenture on the Canadian fintech segment’s prospects

Properly said that the funding will go towards its mission of making home purchase transactions “genuinely frictionless”.

“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,” Ruparell said. “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.”

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