Australian proptech startup FoundIt has secured $2 million in pre-seed funding to improve the property buying process for home seekers by offering better data access, expert support, and technology-enabled insights.
The funding round was supported by several industry names, including Realbase co-founders Frank and Jacques Greeff, Realtair’s Peter Matthews, and Propps founder Daniel Bignold.
Founded by former Domain executive Angus Ferguson and former Frazis Capital fund manager Joel Tomaino, FoundIt aims to address what the team calls a “blind spot” in the Australian property market. The platform connects buyers with local property experts, offers tailored market research, and uses technology to shorten the average buying timeline.
According to Ferguson, home buyers often make long-term financial commitments with limited information, while sellers benefit from agent support, pricing strategies, and access to complete market data.
“Buyers are currently making 25-year decisions based on a few sales comparisons and a brochure,” Ferguson said. “Sellers have a full suite of tools. FoundIt wants to level the playing field.”
FoundIt positions itself as a support system for buyers, combining human expertise and digital infrastructure. Buyers are matched with agents familiar with local markets, who support them from the first inquiry to final purchase. The platform also offers exclusive research and property sourcing tools.
The company is currently onboarding buyer and seller agents nationwide and is targeting a full public launch in the coming months.
Currently, buyer agents are involved in only 8% of real estate transactions in Australia. FoundIt’s co-founders expect that figure to increase significantly, predicting that over 25% of property purchases could involve buyer representation within five years.
Ferguson noted that data reveals a high rate of buyer drop-offs—over 70% of pre-approved buyers do not end up purchasing a property. Additionally, the time to secure a home is increasing, now averaging more than eight months.
“This is still a market where buyers carry the risk but receive little representation,” he added. “We’re scaling a model that has traditionally been underutilised.”
In more mature real estate markets like the United States, more than 80% of transactions involve buyer representation. FoundIt aims to bring similar infrastructure to the Australian property sector by building a technology-enabled network of agents, supported by centralized research, backend tools, and lead generation capabilities.
Investor Frank Greeff expressed confidence in the team’s approach, citing the platform’s potential to drive alignment across stakeholders in the real estate ecosystem.
“They’re solving a significant problem. This platform is scalable and offers value beyond buyers—its efficiency benefits the entire market,” Greeff said.
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By Proptechbuzz
By Ravi Kumar
