Vietnamese property startup Propzy announced its US$25 million series A financing round in June with the usual fanfare. But that was after a smaller, much less publicised deal had taken place in the background. Frontier Digital Ventures (FDV), the firm’s seed investor, cashed out a few months prior. It sold its shares to a new investor, Korean VC Stonebridge Capital, in a secondary share transaction.
Instead of purchasing freshly issued series A shares, Stonebridge acquired FDV’s shares for US$4.7 million. FDV’s initial investment, made in 2017, was US$1.2 million, meaning it clocked a 300% return on Propzy.