Property Management Startup Propify Closes $3.3M Seed Funding Round

Propify, a pioneering startup specializing in creating a unified application programming interface (API) for property management software, officially closed a successful seed funding round, securing $3.3 million in investment.

This round was spearheaded by tech venture capital firm Prudence, showcasing the strong confidence placed in Propify by industry leaders. Additionally, the funding round saw participation from a notable roster of investors, including Fifth Wall, Y Combinator, RXR, PropTech Angel Group, and HubSpot co-founder Dharmesh Shah, among others. These investments will be instrumental in propelling the startup towards its goals of product expansion and expanding its engineering team.

Propify’s innovative product presents an enticing proposition for the property management industry. By allowing engineers to create integrations in mere days instead of months, the company has substantially lowered development and maintenance costs. Its approach combines a contemporary API, comprehensive documentation, and a scalable infrastructure, all of which are designed to cater to proptech clients.

What sets Propify apart in a crowded proptech landscape is its unique API, which addresses the complex issue of data integration within the fragmented property management software industry. As Remen Okoruwa, CEO and co-founder of Propify, explains, “Our unified API effectively serves as a universal translator, allowing our clients to build a single integration into our system that will then be able to move data back and forth between all of those property management software APIs that we connect to.”

For investors like Fifth Wall, Propify’s solution is seen as the answer to the property management industry’s need for a cohesive API system. Dan Wenhold, partner and co-head of real estate tech investment at Fifth Wall, emphasized that Propify acts as the connective tissue between the various apps disrupting the property management space, benefitting both real estate owners and tech startups serving this industry.

Propify currently operates with a team of six full-time staff, serving clients across the U.S., Canada, and Israel. With an eye toward geographical expansion and broadening their reach in real estate sectors, Propify is on the cusp of introducing new product offerings that will directly benefit multifamily property owners and managers in the near future.