Pine Canada Financial acquires Properly

CPE News

Updated on:

CPE News (10.5.2023) – Pine Canada Financial Corporation has acquired Properly Inc. Financial terms were not disclosed.

Properly closed a CDN $36 million Series C funding in July 2022. At the time, Properly said it had raised total funding of CDN $192 million (US $70 million in equity), “making it the best funded and fastest growing real estate startup in the country.”

Properly investors included FJ Labs, Intact Ventures, Golden Ventures, Prudence, Bain Capital Ventures, Industry Ventures, Interplay Ventures, AlleyCorp, Parker89, Max Ventures, Recruit Holdings and others.

Properly deployed various of single residence residential investment funds to attract investors. According to CPE Analytics/Canadian Financings, Properly ceased to file its fundraising activities by way of those investment vehicles after May 2022.

Established in 2021, Pine said it has raised over CDN $40 million and processed billions in mortgage applications.

In May 2022, Pine announced closing CDN $27 million in combined seed and Series funding from investors including Greylock, Inovia Capital, Intact Ventures, Global Founders Capital, BoxGroup, Thomvest Ventures, Original Capital, Ludlow Ventures and others.

photo credit: Properly

News Release

Pine Acquires Leading Real Estate Innovator Properly

Pine Advances Its Mission To Support All Canadians In Homeownership By Acquiring Leading Real Estate Company Properly

TORONTO, Oct. 5, 2023 /CNW/ – Pine, a Toronto-based real estate technology company, announced today that it has completed its acquisition of Properly, one of Canada’s leading digital real estate brokerages. This acquisition expands the suite of services that Pine offers, supporting clients throughout their entire homeownership journey.

Founded in 2018, Properly has quickly become the preferred choice for Canadians searching for homes online. The company has aided millions of Canadians in their quest to find the perfect home.

“Pine’s vision has always been to support Canadians at every step of their homeownership journey by building innovative digital experiences,” said Justin Herlick, CEO of Pine. “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.”

Established in 2021, Pine has secured over $40 million from prominent venture capitalists and has already processed billions in mortgage applications. Canadians across the country have relied on Pine’s technology to provide them with an industry-leading online mortgage experience. In partnership with Properly, Pine can now extend its reach into more aspects of the homebuying journey. The integration of these platforms will enable Canadians to enjoy a seamless online experience, from early discovery of listings to finalizing their mortgage.

About Pine

Pine is a Canadian technology company offering innovative solutions designed to save consumers time and money on their mortgages. Supported by Greylock and Inovia Capital, the company is at the forefront of revolutionizing the Canadian real estate industry.

About Properly

Properly is a Canadian tech-enabled real estate platform that is transforming the home buying and selling experience. Launched in 2018, Properly aims to make real estate more customer-centric.

SOURCE Pine

For further information: Justin Herlick, Justin@pine.ca