Real estate accounting tech company Proper raises $9M in funding
Proper, a San Francisco-based provider of automated bookkeeping and bookkeeping services for real estate and asset managers, has received $ 9 million in Series A from investors.
Proper plans to use the additional funds to accelerate the development of its automated accounting technology, build a new customer-centric platform, and hire strategic talent across all functions. The real estate industry has skyrocketed over the past year since the pandemic caused people to move into new homes. Now, housing shortages have developed in many parts of the country, and home and rent prices have skyrocketed. Buyers and sellers have relied heavily on technology to buy and sell their homes, and accountants and bookkeepers have been kept busy, including with the new lease accounting standard.
“The incredible demand we’ve seen since launch has shown that this industry is hungry for a more efficient, scalable and cost-effective accounting solution,” said Mark Rojas, CEO of Proper in a statement. “With Series A, we’re doubling back on product development and scaling our business operations. This year, in addition to expanding our customer-centric platform, we are focusing on developing advanced automated accounting services.
The latest funding, led by QED Investors and involving some of the existing investors from Proper, MetaProp, Expa and Bling Capital, brings the total amount raised by the company to $ 13.8 million. In connection with the funding announced on Wednesday, Proper also said that Matt Risley, a partner at QED, has joined the company’s board of directors. Risley was previously CFO of Klarna, where he oversaw an accounting organization with revenues of over $ 1 billion. He has led investments in a number of companies in the accounting, payments and fintech industries.
“At QED, we are always looking for companies that can improve the overall efficiency of the economy, and Proper does just that by removing a tedious back office task and allowing property managers to focus on scaling their business,” said Risley in a statement. “Proper develops the most complete bookkeeping and bookkeeping solution for the real estate industry, and I am confident that their approach to combining automated software and hands-on, knowledgeable service will position Proper as a leader in the category. QED is an ideal partner 150 investments that enable entrepreneurs to scale their business while focusing on the things they need most. “
The Series A funding round will help Proper expand its team with several new hires. Last year the workforce grew from 15 to 92, in the first half of 2021 there will be 120, and the year is expected to end with around 200 team members.