Caifornian startup Propy, which has developed a platform that uses blockchain technology for easier, faster, and more secure real estate transaction management, has secured funding from legendary tech investor Tim Draper.
Palo Alto-based Propy was co-founded by Natalia Karayaneva (the company’s CEO) and Denitza Tyufekchieva. Its ICO (PRO) in August-September 2017 raised around $15.37.
Last Friday (October 2), Silicon Valley blog TechCrunch reported that “raised an undisclosed funding round” from Draper, who is best known in the tech space for “his early investments into Tesla, Skype, Twitter, Coindesk and Robinhood” but in the crypto space he is famous for buying around 30,000 seized bitcoins at a US Marshals Service auction in July 2014.
According to the TechCrunch report, Karayaneva said in a statement:
“My vision for Propy is to bring self-driving real estate transactions to the world, with all of the logistics seamlessly executed on the back-end.
“Our platform offers a terminal to observe transactions in real-time, making the process transparent for real estate executives, title companies, homebuilders, buyers, and REITs.
“With this new investment we are excited to bring much-needed change to the industry, satisfy consumers and empower real estate professionals all over the world.”
She told TechCrunch:
“We do not replace lawyers, but rather help them, closing attorney’s share documents with consumers and agents via Propy.
“With DocuSign integrated, they can sign the documents on Propy and all parties get notified. In the U.S., agents have ready forms in Propy to fill out and they don’t need lawyers in a transaction at all.”
Draper had this to say:
“Propy has the potential to transform real estate, making transactions and titles simpler, more secure, and less expensive through innovative use of blockchain technology. [It] eliminates fraud and makes the closing process more secure, effective and streamlined.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.