UK proptech Propoly, an integrated lettings platform, launches with a new investment of around €2.2 million behind them, in a round led by Foxtons Plc, Countrywide Plc, Seedcamp and Pi-Labs, as reported by UKTN.
Founded in 2014, Propoly’s lettings platform reduces admin, maximises revenue and provides transparency to all parties involved. Letting agents can track all of their properties in one place, handling every step of the renting process from digital deposit registration to utility switching.
At a time when face-to-face contact with tenants should be minimised due to social distancing measures, and letting agents increasingly choose digitalised (instead of paper-based) administration, the startup is indeed well-poised to respond the current demands of the proptech sector.
Edward Gazelle, CEO and co-founder of Propoly, commented: “We are very pleased to have launched our unique product to market after three years of build, with the help and input of our investors including Countrywide Plc and Foxtons Plc. Propoly empowers letting agencies to be able to focus on the key aspects that generate business whilst allowing the Propoly system to take care of the administrative burden, the upselling of revenue generating products and any compliance issues that arise.”
Patrick Franco, Chief Operating Officer, Foxtons, said: “We’re excited to see Propoly launching its best-in-class lettings solution in a box, following extensive beta testing and feedback from agency customers. We believe that Propoly offers an affordable, subscription-based product that can help smaller and medium sized letting agents, who don’t have the scale to develop their own technology, still adapt their business models under these challenging market conditions and help ensure they maintain safe workplaces.”
Paul Chapman, National Head of Sales and Lettings at Countrywide added: “Countrywide are delighted to see Propoly launch to market having supported them throughout their journey. Being the largest UK agency business, we fully appreciate the time, admin savings, revenue opportunities and reduced compliance burden that the Propoly system offers.”