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Properly Gets Acquired for $32 Million and Founders Exit

Proptech | Sep 12, 2023

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Properly founders have made their exit, and the firm has been acquired in two distinct deals.

Toronto-based proptech startup, Properly, has been acquired in two separate transactions.

Last week, American real-estate brokerage giant, Compass, acquired Properly, a proptech firm from Toronto, Canada, for an equity value of $32 million, as revealed in a public filing document. This acquisition coincided with the company's earnings call day.

“[The purchase] includes their intellectual property surrounding real estate solutions such as buy-before-you-sell and mortgage tools,” said Compass in a statement. “Additionally, their co-founders will work as consultants with Compass as we research and learn more about these potential solutions and how our agents can benefit from them.”

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In a separate deal, Properly's brokerage and search portal were acquired by an unnamed "Canadian real estate innovator." This move comes after Properly's strategic pivot in January, where they ceased offering a purchase guarantee on customer homes due to the volatile Canadian housing market.

The company's founders, including Sheldon McCormick, announced their exit from the firm in early September. McCormick hinted at more details to be shared publicly soon.

The recent shifts in Properly's business trajectory highlight the dynamic nature of the proptech industry and the strategic decisions companies make in response to market fluctuations.

NCFA Jan 2018 resize - Properly Gets Acquired for $32 Million and Founders ExitThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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