Canadian P/C insurance giant Intact Financial Corp. joined a $35 million venture capital investment for Properly, a “tech-enabled” real estate brokerage.
Intact Ventures participated in the Series B financing led by Bain Capital Ventures. FCT, a title insurer and subsidiary of First American Financial Corp., also took part in the investment round, along with a number of prominent individual investors.
Existing investors Prudence Holdings, FJ Labs, Golden Ventures,1984 Ventures, Max Ventures, Alleycorp (Kevin Ryan), and Interplay also participated in this round.
“We’re creating a future where Canadians can buy or sell a home with dramatically less friction and surprising simplicity,” Anshul Ruparell, co-founder and CEO of Properly, said in prepared remarks. “We’re bringing best-in-class tools and services to the market to support our customers from their initial home search through to closing a home sale. As a result, we’ve experienced exponential growth, but we’re just at the start of our journey. We’re excited to use this financing to bring better services to Canadians across the country.”
The strategic investments from Intact Ventures and FCT will complement existing partnerships with major Canadian banks to enable Properly to provide a more seamless home buying experience for Canadians.
Justin Smith-Lorenzetti, Investment Director at Intact Ventures, said his company was impressed by Properly’s growth and innovation approach.
“The company’s vision to better serve the customer, especially in major real estate markets, is important,” Smith-Lorenzetti said in prepared remarks. “We’re looking forward to working with Anshul and his team and supporting Properly in enabling a more seamless home buying experience for Canadians.”