Proper Real Estate Accounting Services Company Receives $ 9 Million Funding

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Proper, a San Francisco-based provider of automated accounting and bookkeeping services for real estate and asset managers, has received $ 9 million in Series A funding from investors.

Adequate plans to leverage additional funds to accelerate the development of their automated accounting technology, create a new customer-centric platform, and recruit strategic people across all functions. The real estate industry has grown rapidly over the past year as the pandemic prompted people to move into new homes. There is now a housing shortage in many parts of the country, and house prices and rents are skyrocketing. Buyers and sellers alike relied on technology to buy and sell their homes, and accountants and accountants were busy, including with the new lease accounting standard.

“The incredible demand we’ve seen since launch has proven that the industry is hungry for more efficient, scalable, and cost-effective accounting solutions,” Appropriate CEO Mark Rojas said in a statement. down on product development and scaling our business operations. This year we have focused on developing advanced automated accounting services in addition to building our customer-centric platform. ”

The latest funding from QED Investors, involving some of the existing investors Properties, MetaProp, Expa and Bling Capital, brought the total raised by the company to $ 13.8 million. In connection with the funding announced Wednesday, Proper also revealed that Matt Risley, a partner at QED, has joined the company’s board of directors. Risley was previously CFO at Klarna, where he oversaw an accounting organization with over $ 1 billion in revenue. He has led investments in a number of accounting, payments and fintech companies.

“We at QED are always looking for companies that can improve the overall efficiency of the economy as a whole, and Proper does just that, removing the tedious task of the back office and allowing property managers to focus on scaling their business,” Risley said. in the statement. “Proper creates the most comprehensive accounting and bookkeeping solution for the real estate industry, and I am confident that their approach to integrating automated software and hands-on expert service will place the company at the forefront of this category. QED is an ideal partner given our track record of over 150 investments that enable entrepreneurs to grow their businesses with a focus on the things they love the most. ”

The Series A funding round will help you grow your team appropriately with a few new hires. Last year, the staff increased from 15 to 92 people, and in the first half of 2021 it has already grown to 120 people, and it is planned to recruit about 200 people by the end of the year.





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