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Properly

eCommerce & Marketplaces · Toronto, Canada · Founded 2018

Properly is a Canadian real estate technology company established in 2018 by co-founders Anshul Ruparell, Craig Dunk, and Sheldon McCormick. The founding team brought together a potent mix of experience, with Ruparell's background in finance and venture capital, Dunk's technical expertise as a co-creator of BlackBerry Messenger, and McCormick's operational experience from launching UberX in Canada. Ruparell, who grew up in a family of real estate entrepreneurs, identified a need to modernize the Canadian real estate market after observing advancements in the U.S. The company's core business revolves around simplifying the complex process of buying and selling homes. Initially, its flagship service was a "Sale Assurance" program, which provided homeowners with a guaranteed purchase offer, enabling them to unlock equity from their current home to buy a new one before selling the old one. This model, often referred to as 'iBuying' or 'buy before you sell', was designed to eliminate the uncertainty and stress of traditional real estate transactions, such as inconvenient showings and unpredictable timelines. To support this, Properly used machine learning algorithms to generate accurate, data-driven home valuations. Revenue was primarily generated through service fees or commissions on these transactions, comparable to traditional brokerage fees. Over the years, Properly expanded its services to include an in-house mortgage offering, a property discovery portal with advanced search tools, and a service called "Properly Polish," which provided an interest-free advance for home improvements to maximize sale price. The company successfully raised significant capital, including a $44 million Series B round in 2021 and another $36 million in 2022, reaching over $190 million in total funding from prominent investors like Bain Capital Ventures and Intact Ventures. However, due to shifting market conditions and increased volatility in the Canadian housing market, the company made a strategic pivot in early 2023, discontinuing its home sale guarantee. Subsequently, in October 2023, Properly was acquired. Digital mortgage firm Pine acquired its Canadian brokerage and search portal, while U.S.-based Compass acquired intellectual property related to the Sale Assurance offering. The founders exited the company following the acquisitions. Keywords: proptech, real estate brokerage, home valuation, iBuyer, mortgage services, property technology, real estate financing, home buying, home selling, fintech