Paris-based proptech startup Proprioo has raised €20 million from existing shareholders, including GFC, Rocket Internet, and Picus Capital, less than a year after its last round. Founded in 2016, Proprioo sells properties on its platform, deploying a real estate agent to give a free estimate and take photos within 24 hours. The startup charges a commission of just 1.99% – compared to a national average of around 5% – and offers a range of tools to make the real estate process more efficient. The new funding will allow Proprioo to accelerate its development in France, and continue its expansion into 40 French cities, representing 50% of the real estate sector in France. With the funding, Proprioo will strengthen its team, planning to recruit 200 new employees over the next two years, including 100 in Ile-de-France. “The support of our investors since the beginning of Proprioo allows us to calmly consider the future and our ambition to become a key player in the real estate sector by reaching within two years a sales volume of around one billion euros,” said Simon Primack, CEO and co-founder of Proprioo. “If the upheavals created by the emergence the digital economy have reinvented traditional models, real estate remains one of the last sectors to have not started its revolution yet. Our vision is to ‘repair’ the real estate sector by reassuring homeowners who have see prices rise for 15 years without the amount of commission changing.” This funding will also allow Proprioo to continue to innovate and offer more services for its clients. The company’s ultra-competitive positioning has been made possible thanks to the tools and technology services developed by the startup in-house. These solutions allow Proprioo agents to spend more time on their customers and put the human at the heart of the job. “Thanks to the range of services and technological tools that we have developed internally, Proprioo is able to offer a more efficient and effective service than historical players in the sector but also a more interesting framework for agents,” said Henri Pagnon, co-founder of Proprioo. “It’s this digital culture that makes our difference and positions us as the French leaders of the ‘PropTech’ movement which already has some ‘unicorns’ abroad.”
Proprioo has raised €20m ($22m) to fuel further expansion, less than a year after the French proptech start-up completed its last funding round. Proprioo sells properties on its platform but uses valuations and photographs provided by real estate agents. It charges 1.99% commission compared with the national average 5%. It plans to expand from its Paris base to one more French cities. Backers included GFC, Rocket Internet and Picus Capital. Co-founder and CEO Simon Primack said the firm had a sales target of about €1bn within two years.