Vietnam-based real estate classified site Propzy has announced the dissolution of the service company to reorient itself after cutting 50% of staff.

The company has sent a notice of dissolution for Propzy Service Company to the Department of Planning and Investment of Ho Chi Minh City, citing a change in its business plan.

According to Crunchbase, as of June 2020, the company had raised $33 million U.S. from three funding rounds. The last time Propzy successfully raised capital was in 2020, when the startup received $25 million U.S. in Series A funding from a group of investors including Gaw Capital and SoftBank Ventures Asia of SoftBank Group. Other investors have included Next Billion Venture, RHL Venture, Breeze, FEBE Venture, RSapes and Insignia.

Propzy’s ambition was to diversify its real estate products and launch direct mortgage lending with the aim to penetrate Southeast Asian countries such as Thailand, Malaysia and the Philippines.

However, since September 2021, the startup has laid off 50% of its employees amid business model restructuring and recently sent its official notice of dissolution.

The real estate marketplace was founded in 2015 by an American expat living in Vietnam, John Le, as a pioneer company in the field of proptech (real estate applying technology) with an array of services to meet customers’ full range of real estate needs.

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