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

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

AccessTimeIconOct 7, 2020 at 5:02 p.m. UTC
Updated Sep 14, 2021 at 10:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.