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Wednesday, 28 September 2022

Proptech startup Partment secures USD 1.5 mn in pre-seed round

Proptech startup Partment secured USD 1.5 mn in a pre-seed round led by Nclude Fintech Innovation Fund and Plus Venture Capital and with the participation of a group of angel investors, the startup said in a statement (pdf).

Partment helps people co-own second homes: Launched earlier this year by Nadim Nagui (LinkedIn), Ahmed El Raggal (LinkedIn) and Chinmaya Das (LinkedIn), Partment is an online platform that allows people to purchase shares in a second home with up to seven other people. The company allocates each owner a quota of days to use the property and handles the management and maintenance.

Where the money’s going: Partment will use the funding to develop the platform ahead of launching in Egypt.

What they 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,” Nagui said.

About Nclude: The fintech-focused fund, which launched earlier this year, last week reached a USD 105 mn second close. Among the fund’s investments so far are Khazna, Paymob, Lucky, and Mozare3.

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