MEA – Partment, a proptech firm that provides co-owned second homes, has announced that it has successfully concluded its pre-seed round at US$1.5 million to improve the infrastructure of the platform and launch its MVP in Egypt.
Nclude, a leading venture capital platform focused on investing in fintech and fintech-enabled startups in Egypt, the Middle East, and Africa, as well as Plus Venture Capital (+VC), a Mena-focused venture capital firm investing in pre-seed and Seed technology startups, were the ones to lead the round of funding.
Angel investors from a variety of industries, including real estate and technology, were also involved in this round of funding.
“Partment is a new concept in Egypt, and we believe it will change how people buy and use real estate in the local and international market. We are very proud to be backed by leading investors who understand and support our vision,” Nadim Nagui, Chief Executive Officer at Partment, said.
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.”
Eslam Darwish, the founding General Partner of the Nclude Venture Capital, said that they are dedicated to accelerating fintech Innovation and driving financial Inclusion by backing global-mindset founders, and are delighted to have led Partment’s latest funding round.
“We are also 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.
Partment was founded in 2022 by Nadim Nagui — Chief Executive Officer, Ahmed Raggal — Chief Operations Officer, and Chinmaya Das — Chief Technical Officer, in efforts to disrupt the real estate market.
Partment offers a hassle-free solution for second home co-ownership. Through the digital platform and smart booking system, Partment enables users to co-own second homes at a fraction of the price, while providing an end-to-end property management service, optimising property utilisation.
Users can sign up, schedule a call with an expert to receive details on available properties, and get full assistance to purchase a share in their preferred unit.
Through Partment, users can explore different listings of curated and end-to-end managed homes in their favourite destination(s), co-own the property and get 40+ nights per year to use the property. Eventually, they can exit the investment by seamlessly selling their portion independently while enjoying the potential capital gains.
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