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PropHero has secured $25.1 million in funding, the largest Series A funding round for an Australian proptech company.
Founded in 2021, PropHero, a real estate investment platform, uses an AI-driven approach that analyses “millions of data points” to help investors find the leading investment properties.
It then provides recommendations on areas projected to have the highest growth.
To date, the company has seen its user base grow to 8,000 in over 40 counties, with US$24 million in annual revenue.
The funding round for the AI-powered real estate investment platform was led by Bailador Technology Investments Limited, and had participation from investors including Fifth Wall, Samaipata, Opera Tech Ventures, AfterWork Ventures and Jelix Ventures.
PropHero said the funding is expected to go towards the company’s GenAI Real Estate Wealth Advisory platform, which is “already replacing traditional buyer’s agents and wealth advisers”.
The platform aims to help investors throughout their entire real estate investment journey, from property discovery to purchase and ongoing management, connecting investors with mortgage brokers, conveyancers, financial advisers and property managers.
Through the funding, the company also hopes to expand its operations and drive team growth in its existing operations across Australia, Spain, Indonesia and Ireland.
It is hoped that the platform will enable more buyers to access real estate expertise, Mickael Roger, co-founder and co-CEO of PropHero said.
“This raise will help us deliver our vision of offering everyone a Real Estate Wealth Adviser in their pocket, powered by Generative,” he explained.
“Our mission is to transform real estate for the greater good: delivering high returns for investors, great living conditions for tenants, and energy savings through renovations.”
The proptech innovator has projected a substantial increase in revenue for the coming years.
“Our ambition is to double revenue this year to US$50 million while remaining profitable,” Pablo Gil Brusola, co-founder and co-CEO, said.
“PropHero’s success stems from our commitment to transparency and trust in property investment, with all data available to clients through our app,” Gil Brusola said.
Following the initiative, David Kirk, Bailador co-founder and managing partner, will join PropHero’s board of directors.
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