Properly
The business, the turning points, and the decisions behind them.
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Sections to complete：05
01 / WHAT IT BUILT
What the company did
Properly was a Toronto-based proptech brokerage founded in 2018 by co-founder and CEO Anshul Ruparell. It offered a 'Sale Assurance' model similar to US iBuyers: sellers received a purchase agreement letting them leverage home equity to buy a new home, and if the old home did not sell within 90 days, Properly bought it. It also offered in-house agents, up to $20,000 interest-free advances for home improvements, instant home value estimates and an in-house mortgage offering. It raised about $154 million (US), including a $44M CAD Series B in 2021 and a $36M CAD round in 2022, expanding from Calgary to Toronto and Vancouver.
02 / Properly FAILURE REASONS
Failure reasons
Properly ran into the 2022 housing correction: the 'unprecedented volatility in the Canadian housing market' forced it to indefinitely pause all new Sale Assurance offers, and in November 2022 it laid off 71 employees, citing the 'new reality' of the nationwide housing correction, while halting expansion across Ontario, British Columbia and into Quebec. Co-founder and CEO Anshul Ruparell departed in January 2023. No confirmed shutdown or bankruptcy was found; the company said it would continue its brokerage and mortgage operations.
03 / EVENT HISTORY
Events in the structured record
- Founded
Anshul Ruparell co-founded Properly in Canada as a tech-enabled real estate brokerage with a Sale Assurance model.
- $44M Series B
Raised $44M CAD Series B led by Bain Capital Ventures with Spencer Rascoff and Opendoor's Eric Wu participating.
- Peak funding, then retrenchment
Closed a $36M CAD round in July 2022 (total ~$192M CAD); in November 2022 laid off 71 employees and indefinitely paused new Sale Assurance offers amid the housing correction.
- CEO departs
Co-founder and CEO Anshul Ruparell left Properly in January 2023; no confirmed company-wide shutdown was found.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
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