Gaw Capital, SoftBank Ventures Asia lead $25m funding in Vietnam’s Propzy

Vietnamese property technology startup Propzy has closed a $25 million Series A round led by real estate private equity firm Gaw Capital and SoftBank Ventures Asia, per an announcement.

New and existing investors participating in the financing include Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare and Insignia Ventures Partners.

Propzy’s founder John Le revealed to DealStreetAsia the startup’s $25-million fundraising plan in 2019, after mopping up $12 million from backers including Stonebridge Capital, Insignia, GS Shop, TNB Aura and Next Billion Ventures.

Founded in 2016, Propzy describes itself as a “FIRE-tech” (financial, insurance and real estate technology) company, operating a hybrid online to offline model. Its marketplace offers open house, closing-settlement services and turn-key mortgage financing.

The company said in its announcement that it will continue to expand its leasing services by leveraging the online to offline capabilities of its platform.

Propzy currently has 30 brick-and-mortar sales centres, with a total of 400 sales staff. It plans to enlarge the network to 70 centres and 1,300 advisors nationwide over the next 18 months.

Le added that the company has made over $1 billion in property transactions since inception.

“Propzy is an example of the many macroeconomic successes in Vietnam,” said Humbert Pang, managing partner at Gaw Capital, which has invested in a spate of Vietnam-based real estate projects.

Gaw Capital debuted its fund management services in the Vietnam market with the launch of the GAW NP Capital Vietnam Fund 1 in 2015.

Daniel Kang, a senior partner at SoftBank Ventures Asia, said: “The security that the Vietnamese economy offers to property investors and homebuyers is ideal for Propzy to thrive.”

SoftBank Ventures Asia is the early-stage venture arm of Japanese giant SoftBank Group. In Vietnam, it has previously invested in e-commerce startup Sendo.

The proptech segment in Vietnam has witnessed an uptick in investments. Last year, only Ho Chi Minh City-based Rever announced financing from homegrown VC firm VinaCapital Ventures and GEC-KIP Technology and Innovation Fund. Since the start of this year, Homebase and Hoozing have bagged funding, prior to Propzy’s announcement.

The Series A round by Propzy marks yet another tech deal that has attracted a private equity player. PE firms such as Warburg Pincus, TA Associates, Northstar Group and Affirma Capital have invested in Vietnam’s e-commerce, logistics, fintech, SaaS and online recruitment sectors.

Singapore sovereign wealth fund GIC Pte and state investor Temasek Holdings are among other active investors in the Southeast Asian country.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.