Partment Raises $1.5m Funding
The Egyptian prop-tech startup offers co-owned second homes through a digital platform and smart booking system.
Partment has closed a US$1.5 million pre-seed funding round to enhance the infrastructure of its platform and deploy its MVP.
Partment offers a hassle-free solution for second home co-ownership. Through a digital platform and smart booking system, the startup enables users to co-own second homes at a fraction of the price, while providing an end-to-end property management service, optimizing property utilization.
The startup’s US$1.5 million pre-seed round was led by Nclude, a leading venture capital platform focused on investing in fintech and fintech-enabled startups in Egypt, the Middle East and Africa, and Plus Venture Capital (+VC), a MENA-focused venture capital firm investing in pre-seed and seed tech startups. The round also included a diverse group of angel investors including leading tech executives and real estate industry veterans.
Nadim Nagui, Partment Chief Executive Officer said: “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. 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, Nclude Founding General Partner said: “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.”