Pine, a Canadian real estate startup known for its innovative digital mortgage platform, has acquired Properly Inc, another Canadian real estate startup.
Both companies are backed by Intact Ventures, demonstrating their commitment to revolutionising the real estate industry.
The acquisition of Properly by Pine represents a strategic move to enhance the Canadian home buying experience. While the value of the deal is undisclosed, it signifies Pine’s dedication to expanding its reach and offering a comprehensive end-to-end home buying journey.
Pine, founded in 2021, has established itself as a key player in the Canadian real estate sector.
Their digital mortgage platform allows homebuyers to apply for a mortgage in under 10 minutes. Pine has secured $40 million in venture capital funding and processed billions of dollars in mortgage applications.
Properly, founded in 2018, initially offered a unique proposition to homebuyers. It allowed them to purchase a new home before listing their current property on the market.
If the current property didn’t sell within 90 days, Properly would buy it at the agreed-upon price. While Properly raised approximately $70m in equity and a similar figure in debt, it underwent changes, including layoffs and discontinuation of its buying and selling service.
In August, American real estate company Compass entered into an agreement to acquire certain non-brokerage assets of Properly for $32 million in equity.
Pine’s acquisition of Properly aligns with its vision to support Canadians throughout their homeownership journey by offering innovative digital experiences. This strategic move will significantly expand Pine’s reach and improve its ability to provide a seamless end-to-end home buying experience to a broader consumer base.
Justin Herlick, CEO of Pine, expressed the significance of the acquisition, stating, “Pine’s vision has always been to support Canadians at every step of their homeownership journey by building innovative digital experiences. By acquiring Properly, we are dramatically increasing our reach and ability to provide a delightful, end-to-end home buying experience to more consumers. The company is a perfect complement to our existing mortgage platform.”
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