Insurer-backed Properly raises $34.5 million

Canadian real estate brokerage Properly Inc has recently closed a $34.5 million Series B financing round led by Bain Capital Ventures with participation from Intact Ventures , the venture arm of Canada’s largest provider of P&C insurance, and FCT , the leading national service provider in real estate technology and title insurance.

Founded in 2018, the company allows buyers to purchase a new home before listing their current property on the market. And if for some reason the market conditions change and there’s trouble selling the home, then Properly will purchase the home. Its business model is comparable to that of Homeward and Orchard, two American proptech businesses.

“We’re creating a future where Canadians can buy or sell a home with dramatically less friction and surprising simplicity. We’re bringing best-in-class tools and services to the market to support our customers from their initial home search through to closing a home sale. As a result, we’ve experienced exponential growth, but we’re just at the start of our journey. We’re excited to use this financing to bring better services to Canadians across the country.” – Anshul Ruparell, co-founder and CEO of Properly.

“We have invested in several promising PropTech companies in the U.S. and our investment in Properly is our first of this kind in Canada . The vision that Anshul and his team have to transform the home buying and selling experience and the unquestionable need for innovation in the Canadian real estate industry is what compelled us to invest in Properly. We are proud to lead their Series B financing to help accelerate their growth plans nationally.” – Merritt Hummer, Partner at Bain Capital Ventures.

Bottom Line: Not to be confused with American real estate brokerage Properly , which launched in Charlotte, NC in 2019 and is now inactive.