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On-Chain Real Estate Startup Propy Raised $1.2M in Draper-Backed Round
The real estate digitization platform aims to raise $1.7 million.
Blockchain-based real estate startup Propy raised at least $1.2 million in a recent funding round that included Tim Draper and Michael Arrington.
STORY CONTINUES BELOW
- Propy, which seeks to digitize the real estate transaction process, said in Sept. 15 SEC filings it still intends to raise an additional $500,000 for a total round of $1.7 million.
- “They have thought through the entire transition from an antiquated system of real estate, from sale to title, to a blockchain based automated one,” Draper told CoinDesk.
- The serial tech ventures investor did not answer CoinDesk’s questions regarding his stake in Propy.
- Second Century Ventures’ REACH incubator and Escrow Agent Japan also joined Draper and Arrington in the round.
- “Nobody believes transaction automation can happen any time soon, but our backers bet on this opportunity now," Propy CEO Natalia Karayaneva told CoinDesk.
- TechCrunch previously revealed Draper’s involvement but left the round’s size a mystery.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
