Spanish proptech startup ProntoPiso.com has closed a new funding round of 1.3 million ($1.6 million U.S.); which included media for equity from Media Digital Ventures (MDV) and funds from Antai Venture Builder and Picus CapitalImage result for prontopiso logo

Launched in November 2017, ProntoPiso is an online agency that specializes in chain transactions. It promises to sell properties within 90 days, and for at least 95 percent of the market value. If the property does not sell in 90 days, ProntoPiso will pay the seller the minimum guaranteed price, according to its website.

Online news site El Referente reported that this round brings ProntoPiso’s funding to a total of 4.3 million ($5.2 million U.S.). Previous investments included initial funding of 3 million from Antai Venture Builder (the company behind Wallapop), Global Founders Capital, Picus Capital and Global Growth Capital. The company also received 400,000 from ENISA, a public fund for entrepreneurs, and the Catalan Finance Institute (ICF).

Co-founder and CEO Andrés Plá Garcia-Castany (LinkedIn profile) said the new funding — particularly the media for equity arrangement — will help drive growth and consolidate the business model. The investment will also help the company expand into new markets. It currently operates in Madrid and Barcelona.

ProntoPiso is part of a growing trend for property technology in Spain. Startups are introducing new models and options to a market that was burdened by inefficient, analog sales processes and a long financial recession. Clicpiso.com, for example, is the first iBuyer in Spain; while Housfy.com and Housell.com are Purplebricks-style online agencies.

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