On-Chain Real Estate Startup Propy Raised $1.2M in Draper-Backed Round

The real estate digitization platform aims to raise $1.7 million.

By Danny Nelson

Oct 7, 2020 at 5:02 p.m. UTC

Updated Sep 14, 2021 at 10:05 a.m. UTC

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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.
“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.

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