Partment, Egyptian Prop-tech Startup Secures $1.5m Funding
A US$1.5 million pre-seed investment round has been closed by Egypt’s Partment, a prop-tech business that provides co-owned second homes.
The funds will be used to improve the platform’s infrastructure and launch the MVP.
Partment, a hassle-free option for second home co-ownership, was established in 2022. The firm offers end-to-end property management services, allowing customers to co-own second homes for a fraction of the cost, while also maximizing property utilization using a digital platform and smart booking system.
The startup’s US$1.5 million pre-seed round was led by Plus Venture Capital (+VC), a MENA-focused venture capital firm investing in pre-seed and seed tech startups, and Nclude, a leading venture capital platform focused on investing in fintech and fintech-enabled startups in Egypt, the Middle East, and Africa.
A wide group of angel investors, including top tech leaders and real estate sector professionals, participated in the round as well.
According to Nadim Nagui, chief executive officer of Partment, “Partment is a new concept in Egypt and we believe it will alter how individuals acquire and use real estate in the local and worldwide market.”
“We are honored to have the support of renowned investors who comprehend and share our goal. Their confidence in our business strategy, in addition to the financial assistance and professional counsel, will help us accomplish our short- and long-term objectives and scale our operations in Egypt and the rest of the region.
Eslam Darwish, the founding general partner of Nclude, said his company was committed to fostering global-minded innovators and advancing financial inclusion, and he was excited to have led Partment’s most recent fundraising round.
A locally relevant, internationally scalable solution that is given through a distinctive customer experience is what the team is working on to disrupt the real estate industry, he added.
