Vietnam-based real estate vertical Propzy has officially announced the shutting down of its business operations, with its employees’ contracts terminated as of Sept. 13. The company attributed its demise to significant losses that the continued lockdowns in the country had made it impossible to recover.
“Our inability to raise funding amidst the backdrop of an uncertain global environment was the final jab of the knife in our young startup,” said co-founder and CEO John Le.
In the announcement letter, he added that the company had encountered difficulties since the beginning due to the prolonged pandemic, followed by the instability of the global financial markets and the conflict between Russia and Ukraine.
A few months ago, Singapore-based 99 Group was considering buying the Vietnam-based proptech startup as it struggled through a volatile period, which included a previous announcement of the dissolution of the service company in June with the re-hiring of nearly 100% of the employees one month later.
Founded by Le in 2016 and backed by SoftBank, Propzy’s latest Series A funding round in 2020 raised $25 million U.S.