Mogul, a PropTech platform that uses AI to open up real estate investing, has secured $15.5m in an oversubscribed Series A round led by Draper Associates, giving the company a $126m valuation.

The round surpassed its initial $10m goal by 55%. BlueChew co-founders Stephen Sullivan and Dr. Alex Jovanovich made the largest contribution, with Sullivan writing the biggest single cheque.

Tim Draper, who founded Draper Associates and backed Mogul at seed stage, also took part. Draper has previously made early investments in firms such as Tesla, SpaceX, Coinbase and Robinhood. Draper Dragon, Avalanche Blizzard Fund, Jason Calacanis’ LAUNCH, Venture Togethers and Gaingels joined the round, along with strategic angel investors drawn from leading technology and InsurTech businesses. Mogul’s total funding now stands at more than $23.6m.

The company was already cash-flow positive and had not intended to raise money in the near term, but decided to proceed after receiving strong unsolicited interest from prominent venture firms.

The capital will be used to build out its AI infrastructure and wider organisation, grow its property portfolio and develop additional revenue streams. Much of the money is earmarked for recruitment in engineering, data science and supply functions.

Although its investment team still handles due diligence, Mogul has applied AI across the supply side of the business, including targeting, operations, performance analysis and continuous monitoring of assets. This has allowed just four supply staff to manage a portfolio of over 150 properties. Manual work in the supply process has fallen by 89%, while the time spent on each property has dropped from 18 hours to two.

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