On-Chain Real Estate Startup Propy Raised $1.2M in Draper-Backed Round
Blockchain-based real estate startup Propy raised at least $1.2 million in a recent funding round that included Tim Draper and Michael Arrington.
- 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.
- Ã¢ÂÂThey have thought through the entire transition from an antiquated system of real estate, from sale to title, to a blockchain based automated one,Ã¢ÂÂ Draper told CoinDesk.
- The serial tech ventures investor did not answer CoinDeskÃ¢ÂÂs questions regarding his stake in Propy.
- Second Century VenturesÃ¢ÂÂ REACH incubator and Escrow Agent Japan also joined Draper and Arrington in the round.
- Ã¢ÂÂNobody believes transaction automation can happen any time soon, but our backers bet on this opportunity now,Ã¢ÂÂ Propy CEO Natalia Karayaneva told CoinDesk.ÃÂ
- TechCrunch previously revealed DraperÃ¢ÂÂs involvement but left the roundÃ¢ÂÂs size a mystery.
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