“We Got Funded!” Cairo-Headquartered Proptech Startup Partment Raises US$1.5 Million In Pre-Seed Round As It Gears Up To Scale Across The Region

Cairo-based property technology, or proptech, company Partment has raised US$1.5 million in a pre-seed round led by fintech-focused investment platform Nclude and Abu Dhabi-based early-stage venture capital firm Plus Venture Capital (+VC). The round also saw the participation of angel investors, particularly from the technology and real estate industries.

Launched in early 2022 by Nadim Nagui, Ahmed Raggal and Chinmaya Das, Partment is a digital platform that offers users the opportunity to co-own properties as their second homes. “We follow a very strict customer centric approach in everything we do,” Nagui said, in an exclusive interview with Entrepreneur Middle East. “The product has been built with this philosophy in mind and we will continue to reiterate to meet the customers’ aspirations.” Partment’s users can simply select from a detailed listing of curated properties and buy the unit of their choice at a price that is fractionally lesser than the market value. By offering an end-to-end property management service, Partment thus allows for optimal utilization of properties across Egypt, with tenants free to use a given unit for over 40 nights in a year. Eventually, co-owners can exit an investment by selling their portion independently while also receiving potential capital gains.

Source: Partment

When asked how the concept of co-owned homes could shape the future of the real estate sector, as we know it, Nagui added: “From a market perspective, it is definitely efficiency that will benefit the ecosystem as a whole in the long term. But from a customer perspective, it will be a solution to the modern use cases and nomadic lifestyle that more people aspire to be part of. Three years ago remote work was rare, today it’s the new norm!” With the rise of digital nomads, and a new round of capital raised, Nagui believes Partment is positioned well to disrupt the real estate market not just in Egypt but the wider MENA region as well. “Our smart booking system will remain at the forefront of our technology development and innovation,” he added. “Co-ownership makes a lot of sense as a concept and from a mathematical point of view as well. Getting it right operationally will therefore get us closer to product market fit and can take us to the next level.”

And in kick starting the next phase of this entrepreneurial journey, Nagui commends the investors who were keen on aligning themselves with Partment’s vision. “Aside from the financial support and expert advice, their trust in our business model will help us achieve our short-term and long-term goals and scale our business to the next level in Egypt and across the region,” Nagui added. On his part, Eslam Darwish, Founding General Partner of Nclude, lauded the Partment team’s global approach. “We are privileged to back the team on their exciting journey to disrupt the real estate sector with a locally relevant and globally scalable solution delivered through a unique customer experience.” he added. Hasan Haider, Managing Partner at +VC, too reflected similar sentiments when he said, “We believe that Partment ‘s innovative new concept of second home co-ownership will bolster the demand and attract many homebuyers and disrupt the real estate industry in Egypt and beyond.”

Source: Partment

As Nagui and his team now gear up to focus on enhancing their infrastructure and scaling their product, the co-founder has a succinct piece of advice to other entrepreneurs looking to raise funds: “A combination of team, problem and opportunity is the key to successful fundraising- especially at early stages!”

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