Accounting startup Proper raises $4.8 million
San Francisco-based property accounting startup Proper has raised $4.8 million in Seed funding in a round led by MetaProp.
Founded in February of 2017 and led by Mark Rojas, the startup is a team of 61 people offering an AI-powered accounting and bookkeeping service for the multifamily industry for about 30% less than in-house property accounting solutions.
“Admittedly, property accounting doesn’t sound like a very sexy opportunity for disrupting a global market. But a taxi service didn’t sound sexy until Uber used it as an entry point for creating a global logistics network. With Proper, accounting is our entry point for eventually processing all transactions surrounding property – the most valuable asset class in the world.” – Mark Rojas.
“When a company can accelerate revenue growth through one of the historically most challenging sales environments in the real estate business, that type of traction will certainly catch the eye of a venture capitalist.” – Zach Aarons, co-founder and general partner at MetaProp.
Overall, Proper has 40 customers, ranging from 250 to 10,000 units across the US. Its target customer demographic is property managers with 200-10,000 units. The company is focused on residential and serve multifamily, SFRs and HOAs. Most of its customers have some commercial properties in their portfolio and Proper plans to move more into that space in 2021.
