It is well placed to take advantage of improved market conditions, exec says
Toronto-based proptech start-up Properly has raised $36 million, in a move that the company said will support its long-term growth amid volatile market conditions.
Properly said that the “Series B 2” round was financed primarily by existing investors, and built on the company’s expansion after it closed $44 million in Series B capital in July 2021.
However, with the situation evolving significantly amid economic slowdowns and the Bank of Canada’s outsized rate hikes, Properly said that it has postponed its previously announced plans to expand across Ontario, British Columbia, and Quebec.
The company will instead focus its energies on Toronto and Vancouver where it has already established strong footholds, co-founder and CEO Anshul Ruparell said in an interview with BetaKit.
“There’s a lot of uncertainty across many industries, including real estate, right now, and so putting ourselves in a position to weather an economic storm is obviously top of mind,” Ruparell said.
Read more: Properly announces successful Series B financing round
This recalibration has placed Properly “in a position to play on the offensive should the opportunity arise,” Ruparell said.
“We can’t control inflation or interest rates, or the way the market is going to react.”
The Series B 2 funding is instrumental to this readiness, as it has given Properly at least “three-plus years” of elbow room when it comes to its spending, Ruparell said.
