The Greek proptech startup Prosperty closed a €3.3M seed round from its existing pre-seed investors Velocity.Partners and Metavallon. They were joined by BigPi Ventures, a large family office, and a group of experienced and successful international angel investors all participating in the second round of funding. The combined value of the €1.1M pre-seed investment and the fresh funds raised, is €4.4M. The property tech startup will use the funds to further develop its market position in Greece, expand to other European markets, invest in talent, and establish new tech partnerships in the areas of data analysis, marketing, and sales management.
With the goal to make the process of property buying simpler, more transparent, and more digital, the vision of the company is to become the main channel for Greek, international individuals, and institutional investors in the real estate sector.
“With the new funding we have received, we plan to invest in the expansion of the company’s real estate innovative solutions, the development of an extensive network of partners with very privileged benefits for them, and the continuous provision of new innovative services to our clients, both in Greece and other interesting markets in Europe that follow in the next period,” co-founder Antonis Markopoulos said in the official press release.
Less bureaucratic, more digital, and cost-effective
Unlike traditional real estate agencies, Prosperty offers an all-in-one service for buying and selling properties and puts buyers and sellers into direct contact with each other. The platform aims to democratize the real estate market, to ensure access to international investors, and offers investment solutions to optimize the long-term value of the property purchase. It also lists only properties that have been legally certified and collects all the information and documents that property buyers and renters need to complete the transaction. With this, Prosperty reduces the costs for the buyers and decreases the purchasing time.
In order to provide an end-to-end digital experience for property owners, buyers, and tenants, Prosperty uses proprietary technology and offers process automation and data analysis. The continuous collection and analysis of data allow Prosperty to better evaluate the market and discern any emerging or changing trends in terms of sellers’ and buyers’ sentiment and new technologies. With this, the platform can make better predictions and provide actionable insights.
Market traction and future plans
Founded in 2020 by Antonis Markopoulos, Nikos Patsiogiannis, and Antonis Despotakis, Prosperty has established partnerships with the majority of Greek banks, non-performing loans (NPL), and real estate owned (REO) services, as well as institutional investors. The platform Prosperty has attracted clients both from Greece and abroad. With offices in Athens and Thessaloniki, the proptech startup has gathered a team of over 30 people, and so far gained as users of its advanced marketplace more than 1500 property owners.
According to Antonis Markopoulos, CEO of Prosperty, in the age of technology and rapid changes, the process of buying or renting a property should be easy, fast, and transparent. Moreover, he points out that the pandemic has increased developments in the market for digital real estate solutions, and showed that the need for digital and remote services in the real estate sector has been neglected for many years. In the long-term, Prosperty will work on applying pre-approval of mortgages by developing an entirely digital process and innovative insurance products to provide integrated digital real estate services.