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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