Boston, [13th October 2023] – Propify, a dynamic startup specializing in unified application programming interfaces (APIs) for property management software, made headlines as it successfully closed a $3.3 million seed funding round. Spearheaded by tech venture capital firm Prudence and supported by prominent investors including Fifth Wall, Y Combinator, RXR, PropTech Angel Group, and HubSpot co-founder Dharmesh Shah, Propify is poised for groundbreaking developments in the property management industry.
The secured funds will be strategically deployed to expand product capabilities and bolster the company’s engineering team. Propify’s innovative approach allows engineers to swiftly implement integrations, drastically reducing development timelines and ongoing maintenance costs. At its core, the company offers a modern API complemented by comprehensive documentation and scalable infrastructure, catering to proptech clients.
What sets Propify apart is its ability to tackle the complexity of fragmented property management software. Remen Okoruwa, CEO and co-founder of Propify, explained their unique role in the proptech landscape. While most APIs facilitate data transfer between systems, Propify goes further. It empowers tech companies serving property management to seamlessly integrate and exchange data among multiple property management software, bridging the gaps within the industry’s diverse software landscape.
Fifth Wall, a prominent Los Angeles-based proptech venture capital firm, recognized the immense potential of Propify as a unifying force within the property management sector. Dan Wenhold, partner and co-head of real estate tech investment at Fifth Wall, emphasized the significance of Propify in resolving integration challenges for both real estate owners and startup software technology companies.
Propify’s journey began with a pivot from Rentdrop, a rent payment application, in late 2022. The pivot was a result of firsthand experiences and a recognition of the need to streamline property management solutions. Currently, Propify operates with a dedicated team serving clients across the United States, Canada, and Israel, with ambitious plans for geographical and sectoral expansion in the near future.
The proptech industry is witnessing a transformation, and Propify’s unified API solution is at the forefront of this innovative wave, promising more efficient property management for the real estate world. Stay tuned for upcoming product developments that will continue to redefine the proptech landscape.
