Bailador leads $25 million Series A for real estate investment proptech

ASX-listed VC Bailador Technology Investments has put its cash on the table to lead a $25 million raise for a investment property startup.

The fund (ASX:BTI) picked up half the tab, putting $12.5 million in to PropHero, supported by existing investors AfterWork, Jelix Ventures, Europe’s Samaipata and Fifth Wall, plus Opera Tech Ventures.

The Sydney- and Madrid-based proptech previously raised an $8 million Seed round in October 2022, led by real estate-focused Fifth Wall, just eight months after landing $1.6 million in pre-sSeed funding.

The startup’s valuation has reported doubled from $50 million in 2022 to $100 million with the Series A.

PropHero, founded in 2021 by Mickael Roger and Pablo Gil Brusola, is an AI-enabled property investment platform that helps individuals source, purchase, and manage investment properties.

The platform makes tailored investment property recommendations to meet an investor’s budget and financial goals, for a fixed fee, then does the deal on deal online. It also acts as a marketplace for related services such as conveyancing, mortgage broking, renovations, property management, and insurance.

The capital injection will be used to accelerate investment in product development, expand the marketplace partner network, and support continued international expansion.

It now operates in four countries: Australia, Spain, Indonesia, and Ireland, has had more than 2,000 clients and built to $35 million in annual run rate revenue.

Bailador cofounder David Kirk will join the PropHero board, and said the property sector has been underserved by digital transaction solutions.

“PropHero provides a world-leading solution for investors, demonstrated by very high growth, word of mouth customer acquisition, and a high proportion of customers returning to purchase multiple properties. Bailador is backing Mickael, Pablo, and the wider PropHero team to continue executing on their growth in Australia and internationally,” he said

Cofounder Mickael Roger said “This capital raise enables us to further invest in our AI capabilities and product roadmap to better serve our customers.”