Proper will use funds to bolster the fundamentals of their business and advance automation tools.
Proper, the tech-enabled accounting and bookkeeping service for property, announced they completed a $4.8 million seed funding round on May 15, 2020. Proper’s funding round was backed by major players in SV and PropTech, such as MetaProp, Expa (Uber, Garret Camp's VC firm), and Bling (Ben Ling). The funds will be aimed at bolstering the fundamentals of the business. This raise enables Proper to put more resources towards the advancement of their proprietary automation tools.
Superpowered with proprietary AI technology that has never been deployed in the industry until now, Proper provides end-to-end multifamily accounting services that are more efficient, cost-effective, and scalable than traditional in-house accounting models.
“Admittedly, property accounting doesn’t sound like a very sexy opportunity for disrupting a global market,” said Founder and CEO, Mark Rojas. “But a taxi service didn’t sound sexy until Uber used it as an entry point for creating a global logistics network. With Proper, accounting is our entry point for eventually processing all transactions surrounding property - the most valuable asset class in the world.”
Serving property managers and owners, and asset managers across all real estate asset classes, Proper’s fully-remote, lower-priced, and easily scalable services positioned the company well to grow throughout COVID. The company’s ARR went from zero to $1.1M in only five months.
“When a company can accelerate revenue growth through one of the historically most challenging sales environments in the real estate business, that type of traction will certainly catch the eye of a venture capitalist,” said Zach Aarons, Co-Founder and General Partner at MetaProp.
“For me, one of the biggest benefits to using Proper was the substantial reduction in costs when it comes to labor and office space. Proper has removed the accounting work from my office, allowing us to focus on what we do best: managing properties,” said Rusty Heyman, Founder of Archways Property Management and a Proper customer.
“Property management is a low-margin, high-volume business. All the companies who are not using some sort of AI for routine tasks will be left behind,” said Heyman.
Founder and CEO Mark Rojas has spent his career founding companies that leverage design and technology to improve efficiency and simplify user experiences. With Proper, he’s uniting his passions for machine learning, accounting, and real estate to bring more effectiveness and ease to the financial processes within the world of property.
About Proper
Proper provides expert accounting and bookkeeping services to property managers, asset managers, and anyone in the world of property. Using AI and machine learning technology to superpower a team of Fortune 500 level financial specialists, Proper delivers more efficient, cost-effective, and scalable accounting and bookkeeping services for property.
About MetaProp
MetaProp is a New York-based venture capital firm focused on the real estate technology (“PropTech”) industry. Founded in 2015, MetaProp’s investment team has invested in 120+ technology companies across the real estate value chain. The firm manages multiple funds for both financial and strategic real estate investors that represent a pilot- and test-ready sandbox of 15+ billion square feet across every real estate asset type and global market. The firm’s investment activities are complemented by pioneering community leadership including the PropTech Place innovation hub, MetaProp Accelerator at Columbia University programs, global events NYC Real Estate Tech Week and MIPIM PropTech NYC, and publications Global PropTech Confidence Index and PropTech 101.
