Partment, a real estate technology firm based in Egypt, was able to secure $1.5 million in a pre-seed investment round led by Nclude and Plus Venture Capital (+VC). The round also included participation from a group of angel investors.
With the funding from this latest round, Partment will be able to improve the infrastructure of its platform and begin rolling out its MVP in Egypt.
Partment’s new funding will boost its operations in Egypt
Nadim Nagui, Chief Executive Officer of Partment, made the following statement in response to the new funding: “Partment is a new concept in Egypt, and we believe that it will change how people buy and use real estate in both the domestic and international markets.” We are delighted to have the backing of prominent investors familiar with and supportive of our goal. In addition to giving us money and advice, they believe in our business strategy, which will help us achieve both our short-term and long-term goals and take our company to the next level in Egypt and the rest of the region.
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“We are dedicated to accelerating fintech innovation and driving financial inclusion by backing global-mindset founders,” said Eslam Darwish, Founding General Partner of Nclude Venture Capital, in a statement. “We are delighted to have led Partment’s latest funding round.” We are also proud to be able to help the team as they start their exciting journey to change the real estate industry by creating a solution that can be used both locally and globally and by giving customers a unique experience.
Hasan Haider, the Managing Partner at Plus Venture Capital +VC, commented on the release. He said, “We are always focused on investing in exceptional and talented founders, and we are excited to support the Partment team.” They are confident that their cutting-edge new concept of co-owning a second house will increase the demand for real estate, entice many prospective purchasers, and cause a disruption in the real estate business in Egypt and worldwide. We are excited about the bright prospects that lie ahead for the company.
Users of the Partment platform can explore various listings of curated and end-to-end managed homes in their preferred location(s), co-own the property, and receive 40 or more nights of use each year. At some point in the future, they will be able to get out of the investment by quickly selling their share on their own while taking advantage of any potential capital gains.
About Partment
Partment, established in 2022 by Ahmed El Raggal and Nadim Nagui, is a platform that facilitates the hassle-free co-ownership of second homes. Partment is a business that enables customers to co-own second homes for a fraction of the cost by utilizing a digital platform and an intelligent booking system. In addition, Partment provides an end-to-end property management service, which optimizes property utilization. Users can sign up for the service, set up a call with an expert to learn more about available properties, and get complete help to buy a share in the unit of their choice, all from the comfort of their device.