Propi raises US$4,2 million to expand its real estate platform in Latin America

Propi, the Salvadoran proptech focused on democratizing access to the real estate market in Central America, closed a seed round of US$4,2 million to expand its digital real estate transaction platform in underserved markets across Latin America. The company aims to accelerate the sector’s digitalization and strengthen its regional presence with new financial tools and expansion into new countries.

A round backed by real estate and venture capital investors

The deal included participation from regional real estate and financial institutions, family offices and venture capital funds, including Second Century Ventures, a Chicago-based fund specializing in real estate technology.

The investment will allow the startup to consolidate its digital platform model, which integrates different stages of the real estate process in a sector that has historically relied on manual processes and had low levels of digitalization.

Founders with experience scaling Hugo App

The company was founded in 2022 by José Mario Ávila and Eduardo Francés, who previously led investment and expansion initiatives at Hugo App, the Salvadoran delivery platform later acquired by multinational Delivery Hero.

Their goal is to develop an end-to-end real estate superapp designed to digitize every stage of a real estate transaction in the region.

From property search to the complete transaction

Propi’s platform integrates several features within a single digital environment. These include property searches, reservations, contract signing, down payments, digital compliance and assistance with bank disbursements, allowing users to complete the transaction on a single platform.

The company’s database currently includes around US$4.000 million in historical residential property inventory, including new developments, resale properties and homes for rent available in El Salvador, Guatemala and Panama.

One of the company’s most notable findings is that more than half of the buyers using the platform are Central Americans living abroad. This trend has created an opportunity to connect the diaspora with the real estate markets in their countries of origin, including through a virtual assistant available on WhatsApp.

Regional expansion, with new markets in its sights

Propi currently operates in El Salvador, Guatemala and Panama, markets where the construction sector has shown sustained growth, particularly in the residential segment.

With the proceeds from the seed round, the company plans to expand into Honduras, the Dominican Republic and Costa Rica, while further digitizing mortgage lending and prequalification processes to connect buyers with financial institutions.

At the same time, the startup is also evaluating a fourth market for its regional expansion.

“We’re also evaluating another market in Latin America. We’ll keep monitoring how the overall situation in Venezuela develops, as I also believe it’s a market with great potential,” said José Mario Ávila, CEO and co-founder of Propi.

With this strategy, the company aims to establish itself as a digital leader in Latin America’s real estate sector, driving the digitalization of a market that still has significant opportunities for modernization.