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.