Proptee secures €60,000 to develop and launch its property investment app
European property investment platform Proptee has secured €60,000 (£51,000) of institutional funding.
The platform, which lets investors use an app to buy shares in properties in exchange for receiving a portion of the monthly rent, said the funds will be used to expand its engineering and design team and to build and launch its technology by the end of this year.
The money has come from Lebenheim Capital, Steep VC, and three business angels.
“We believe that real estate investing should be effortless, and not exclusive to those with upfront capital, time, and background knowledge,” said Lorenzo Torquati, partner at Lebenheim Capital.
“That’s why we have joined Proptee on their mission to create the next generation of real estate investors through a convenient, cost-efficient, and enjoyable real estate trading experience.”
Proptee is registered in Lithuania and authorised by the Financial Crime Investigation Service.
“This fundraising round is the critical step to get Proptee in the hands of thousands of users,” Alexandru Rosianu, co-founder of Proptee, said.
“I cannot wait to launch.”
Users can currently sign up to a waiting list on the Proptee website and the platform said it has 3,000 people on it so far.
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