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Property startup Propoly launches with £2m funding

Propoly, a white-labelled B2B lettings platform, having previously secured a £2m investment from Foxtons Plc, Countrywide Plc, Seedcamp and Pi-Labs has launched to market today.

Propoly helps letting agents automate and digitise tasks from the point at which a tenant makes an offer on a property right through to move-in.

The platform enables agents to progress all of their lets in a streamlined way by reducing admin, maximising agents revenue through the sale of third party products and staying compliant with in built prompts throughout the process.

At a time when letting agents are under increasing pressure from the tenant fee ban, reduced tenant movement due to COVID-19 and increasing government compliance, Propoly’s paperless approach will help agents to navigate some of the issues that are facing the industry, including helping to keep branches as safe as possible for staff and customers.

Edward Gazelle, Chief Executive Officer and Co-founder, Propoly, commented: “We are very pleased to have launched our unique product to market after three years of build, with the help and input of our investors including Countrywide Plc and Foxtons Plc. Propoly empowers letting agencies to be able to focus on the key aspects that generate business whilst allowing the Propoly system to take care of the administrative burden, the upselling of revenue generating products and any compliance issues that arise ”

Patrick Franco, Chief Operating Officer, Foxtons, said: “We’re excited to see Propoly launching its best-in-class lettings solution in a box, following extensive beta testing and feedback from agency customers.

“We believe that Propoly offers an affordable, subscription-based product that can help smaller and medium sized letting agents, who don’t have the scale to develop their own technology, still adapt their business models under these challenging market conditions and help ensure they maintain safe workplaces.”

Paul Chapman, National Head of Sales and Lettings, Countrywide added: “Countrywide are delighted to see Propoly launch to market having supported them throughout their journey. Being the largest UK agency business, we fully appreciate the time, admin savings, revenue opportunities and reduced compliance burden that the Propoly system offers.”