Propexo, The Unified API For Property Management Software, Announces $3.3 Million Seed Round From Prudence, Fifth Wall, Y Combinator & More
CHICAGO, IL—October 10, 2023—Propexo—the unified API for property management software— today announced that it raised a $3.3 million seed round led by Prudence with meaningful participation from Fifth Wall, Y Combinator, RXR, PropTech Angel Group, and HubSpot Co-Founder Dharmesh Shah amongst others. The funds from this round will be used to further build out the product as well as grow the market-leading engineering team.
Propexo’s product enables engineers to launch integrations within days rather than months — reducing development time and ongoing maintenance costs. It helps sales teams to expand their addressable market by offering integrations property managers demand. It combines a modern API, documentation/scalable infrastructure to support PropTech clients core needs.
Propexo was founded in 2022 by Remen Okoruwa, Ben Keller, and Nick Johnson, after hearing from a plethora of PropTech founders and realizing the need for integrations was a large-scale problem affecting the entire industry. “It is extremely difficult to build property management software integrations today due to market fragmentation, antiquated Application Programming Interfaces (APIs), poor documentation, and minimal support,” shared Okoruwa. “We are looking forward to providing the much needed infrastructure that will power the PropTech founders who serve more than 114 million renters across the U.S.”
Propexo was previously known as Rentdrop in 2020 – before relaunching two years later.
“Property managers and owners are looking to build an optimized software stack to meet their needs, and yet, are faced with lengthy integrations of new software applications with their existing property management systems,” said Jordan Viniar, Partner at Prudence. “With Propexo, companies can build these integrations in minutes and manage them on a single platform. This enables companies to get innovative solutions to market faster and cheaper with reduced risk of time consuming API maintenance afterwards. At Prudence, we believe Propexo’s solution will become foundational to adoption of software applications throughout the commercial real estate sector.”
“We are thrilled to partner with Remen, Ben, Nick and the rest of Propexo’s skilled team to bring a first-of-its-kind unified API and data model to today’s single family rental market,” shared Dan Wenhold, Partner and Co-Head of Real Estate Tech Investment at Fifth Wall. “Despite the tens of millions of renters, hundreds of thousands of property management companies, and billions in rent payments, the managed real estate market has long been plagued with fragmented, legacy software. This pain point has long been echoed to us by our multi-family Limited Partners. Propexo will now enable integrations into their property management software within the matter of weeks, to get to the market quickly.”
About Propexo: Propexo is the unified API for multifamily property management software. Its technology allows technology companies, owners, and operators to rapidly build, test, and launch integrations into more than 9 different systems in weeks rather than months. This solution helps Propexo clients save hundreds of thousands of dollars each year in engineering headcount and maintenance costs while also growing revenue faster. Propexo is trusted by dozens of customers in North America & Israel. To learn more about Propexo, visit www.propexo.com
About Prudence: Prudence is an early-stage venture capital firm investing in technology companies leading the global transformation of the real estate sector. Prudence is an early investor in companies such as Casafari, Compass (COMP), CREXi, Evernest, Hemlane, Maxwell, Salus, Sundae and VendorPM. The firm is headquartered in New York City. Learn more at www.prudence.vc.
About Fifth Wall: Founded in 2016, Fifth Wall, a Certified B. Corp, is the largest asset manager focused on improving, future-proofing and decarbonizing the built world. Since 2016, Fifth Wall has raised the third-most capital of any venture firm globally ($2.9B), according to SEC Form D filings. With approximately $3B in commitments and capital under management, Fifth Wall is backed by a global mix of more than 110 strategic limited partners from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Hines, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. This consortium represents one of the largest groups of potential partners in the global built world ecosystem, resulting in transformational investments and collaboration with portfolio companies to cut emissions, improve efficiency, and maximize returns. Founded in Los Angeles and headquartered in New York City, Fifth Wall’s other offices include San Francisco, London and Singapore. For more information about Fifth Wall, its limited partners, and portfolio companies, visit www.fifthwall.com.