PropTech Proper pulls in $9m to offer automated accounting for property managers

Proper, a property accounting services provider for the real estate industry, raised $9m in Series A from QED Investors with participation from partners at MetaProp, Expa and Bling Capital. 

The last funding for Proper came in May 2020, where it raised $4.8m in a seed round. With the close of Series A, its total funding raised has crossed $13.8m.

In conjunction with the funding, QED partner Matt Risley will join Proper’s board. The funds allow Proper to accelerate the development of its automated accounting technology, build a new customer-facing platform, and hire strategic talent across all functions.

Accounting in the property management is a critical back-office function that has historically proven difficult for accounting technology companies to break into, given the nuances specific to this industry. Proper allows property and asset managers to step back from accounting operations so they can focus on running their businesses. Proven to help improve customers’ profit margins and overall operations, Proper’s service offering includes accounts payable, bank reconciliations, accounts receivable, and owner payments and statements.

Commenting on the funding, Proper CEO Mark Rojas said, “The incredible demand we’ve seen since launch has proven that this industry is hungry for a more efficient, scalable, and cost-effective accounting solution. With the Series A, we are doubling down on product development and scaling our business operations. This year, we’re focused on developing advanced automated accounting services in addition to building out our customer-facing platform.”

Echoing a similar sentiment, Risley added, “We at QED are always on the lookout for companies that can improve the overall efficiency of the economy at large, and Proper is doing precisely that by removing a tedious back-office task and allowing property managers to focus on scaling their businesses.

“Proper is creating the most comprehensive accounting and bookkeeping solution for the real estate industry, and I’m confident that their approach to combining automated software and hands-on, expert service will position Proper as the category leader. QED is an ideal partner given our track record of over 150 investments that empower entrepreneurs to scale their business while focusing on the things about which they’re most passionate.”

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