Enterprise capitalist Tim Draper, an early backer of Tesla and Skype, has invested an undisclosed quantity within the blockchain transaction startup. He can even get a seat on Propy’s board and provide strategic enter.

Propy, an actual property tech agency that makes use of blockchain and sensible contracts to automate transactions and eradicate fraud, is receiving an funding from enterprise capitalist Tim Draper, the corporate mentioned in an unique early launch to Inman.

Propy launched in 2016 and raised $15 million by selling virtual tokens to investors in 2017. The corporate goals to create an Amazon-like world property market on the web, the place properties may be purchased and bought simply and securely, and closings are distant and paperless.

Draper is writer of How you can be the Startup Hero and the founding father of early-stage enterprise capital agency Draper Associates, which purports to spend money on “industry-transforming corporations.” He was an early investor in corporations equivalent to Tesla, DocuSign, SpaceX, Skype and Robinhood. In a press launch, Propy cited Draper’s “huge breadth of data and expertise in blockchain and cryptocurrency startups” as components that made him “the best investor to carry Propy’s imaginative and prescient to life.”

“Tim Draper is an excellent motivator and he really believes within the founders and startups he invests in,” mentioned Propy’s CEO and founder Natalia Karayaneva, a former actual property skilled, in a press release.

Propy CEO Natalia Karayneva

Propy CEO Natalia Karayneva. Credit score: Propy

“As a legendary investor who has backed a few of the world’s most revolutionary tech corporations, Tim was the right investor for us. My imaginative and prescient for Propy is to carry self-driving actual property transactions to the world, with all the logistics seamlessly executed on the back-end.

“Our platform gives a terminal to watch transactions in real-time, making the method clear for actual property executives, title corporations, homebuilders, consumers, and REITs. With Tim’s assist, we’re excited to carry a lot wanted change to the {industry}, fulfill shoppers and empower actual property professionals everywhere in the world.”

Palo Alto, California-based Propy declined to reveal the quantity of Draper’s funding to Inman as a result of the funding spherical won’t shut for different traders for an additional month or so. Apart from the funding, the partnership entails “a seat on the board and in addition non-financial assist with strategic features of the corporate’s growth,” an organization spokesperson informed Inman by way of e-mail.

Propy, which particularly notes it’s “a woman-led firm within the primarily male-dominated tech {industry},” has additionally acquired investments from Second Century Ventures, the enterprise capital arm of the Nationwide Affiliation of Realtors (NAR); TechCrunch founder Michael Arrington; EAJ (Escrow Agent Japan) and “outstanding angel traders,” the corporate mentioned.

Tim Draper

In a press release, Draper mentioned Propy has the potential to remodel actual property by making transactions and titles “less complicated, safer and cheaper” by its use of blockchain know-how. Blockchain was created a decade in the past as a kind of distributed ledger, which is a decentralized database that exists throughout a number of areas or amongst a number of individuals, and permits all individuals to view the data within the ledger, that are unchangeable and verifiable.

“The Propy crew is the primary mover in utilizing the blockchain for actual property and appears to automate the home-buying course of and switch of title utilizing progressive know-how,” Draper mentioned.

“Propy’s resolution for property gross sales eliminates fraud and makes the closing course of safer, efficient and streamlined. We’re thrilled to be backing this progressive crew, and we sit up for Propy automating and simplifying the true property {industry}.”

Email Andrea V. Brambila.

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