Propi, a Central American proptech founded by two former Hugo App executives, began pilot operations in December 2022 in El Salvador.
Photo: Courtesy.
San Salvador. Propi, the Central American proptech based in El Salvador, announced the closing of an oversubscribed pre-seed capital raising round of US$2.5 million.
The round included the participation of leading business groups from the Central American real estate sector and other investment funds such as Panorama Capital.
Angel investors and venture capital funds from the United States and Latin America also participated, including the founders of Hugo App and various senior executives from the largest proptech companies in Latin America.
With the financing round, they plan to continue expanding their service portfolio and open operations in other Central American countries.
The capital raising round was oversubscribed, since more investment was received than projected and from many more investors, due to the attractiveness of the product and the profitability of the investment.
The startup acts as a one-stop solution for everything homeowners, renters, buyers, developers, and real estate agents need to speed up business closings.
The tools created by Propi make it possible to complete end-to-end digital flows, from searches, visits and offers, to digitally signing lease contracts.
Propi’s technology allows all parties interested in renting a property to know the market price of the property, through big data, so that a transparent, easy and fast negotiation is achieved.
This month, the company will launch the pilot test of its residential project pre-sales vertical, where it has several exclusive projects. In this module, investors will be able to find out about the offer of real estate projects to be built, or before they are finished, pay for the reservation of the property with credit, debit or transfer cards, even follow-up on a deed, all from the platform.
With the addition of the pre-sale of real estate projects, Propi will offer the complete service to investors who want to capitalize their assets through long and short-term rentals, as well as to those who want the platform to lease and manage the assets they bought in presale.
To date, the company has 16 full-time employees and is preparing for its full launch during April 2023, when it will also officially go out with the pre-sales division.