A venture capital fund affiliated with Japan’s Recruit Co Ltd has made an undisclosed investment in Properly, a Toronto-based real estate technology provider.
Properly earlier announced the close of its $22 million Series A financing, the equity portion of which was led by Prudence Holdings and FJ Labs. Recruit was not identified as an investor.
Based in Tokyo, Recruit is a provider of recruitment advertising, sales promotion and staffing services. It said it aims to support the growth of Properly along with improvement of the company’s services.
PRESS RELEASE
Recruit Invests in Properly, A Real Estate Technology Startup Transforming Process of Buying and Selling Homes in Canada
Aug. 13, 2019
Recruit Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Yoshihiro Kitamura; referenced below as “Recruit”), an intermediate holding company of Recruit Holdings Co., Ltd., has invested in Properly Inc. (Headquarters: Canada; CEO Anshul Ruparell; referenced below as “Properly”) an AI real estate technology startup, through its investment subsidiary RSP Fund No. 6, LLC.
１．Background
The sale of second-hand real estate is usually mediated by a real estate agent and requires many steps including property value estimation, inspection, repairs, marketing and sales negotiations. Traditionally, selling a home is a long and complicated process that causes tremendous stress for the seller.
２．About Investment in Properly, Inc.
Properly, Inc.
Using the latest in AI and machine learning technology, Properly has developed an algorithm to analyze hundreds of data points regarding a second-hand property, including its layout, features, location, surrounding environment and traffic situation. The algorithm automatically provides a highly accurate valuation of the property. Using this data, the property value can be quickly appraised, and the property can be bought directly from the seller and resold. This service is expected to greatly improve the process of real estate sales.
Properly can also expand into a variety of services related to the resale of real estate, such as mortgage loans and renovations. The company currently provides services in Calgary, with plans to expand to Edmonton and other cities in Canada.
With this investment, Recruit aims to support Properly’s growth and improve the quality of these services. With the funding capital of this round, Properly can increase sales, enhance its’ technology, develop new features, and expand the geographic presence and scope of operations.
About the Recruit Group
Founded in 1960, the Recruit Group creates and provides platforms that connect companies and consumers. Headquartered in Tokyo, Japan, the Group offers a wide range of services in a variety of areas including human resources, education, housing and real estate, bridal, travel, automobiles, dining and beauty. The Group has more than 45,000 employees and operates in more than 60 countries. For more information, please visit the company’s website at https://recruit-holdings.com/.