Partment, a proptech firm that provides co-owned second homes, revealed today that the company concluded its pre-seed round at $1.5 million to improve the infrastructure of the platform and roll out its MVP beginning in Egypt.
Nclude, a well-known venture capital platform that specializes in funding fintech and fintech-enabled MSMEs in Egypt, the Middle East, and Africa, and Plus Venture Capital (+VC), a venture capital firm that focuses on investing in pre-seed and seed-stage tech startups in the MENA region, took the lead in the round.
Leading tech professionals and real estate sector veterans were among the broad group of angel investors who participated in the round.
Partment provides an end-to-end property management solution, maximizing property utilization, while enabling customers to co-own second homes at a fraction of the cost.
Users can register, arrange a conversation with an expert to learn more about the properties that are offered, and receive complete support to buy a stake in their selected unit.
Nadim Nagui, CEO of Partment, commented on the news, saying: “Partment is a novel concept in Egypt, and we believe it will transform how people acquire and use real estate in both the local and global markets. We are incredibly grateful that reputable investors believe in and support our mission.
Their confidence in our business strategy, in addition to the financial assistance and professional counsel, will help us accomplish our short- and long-term objectives and scale our operations in Egypt and the rest of the region.”
“We are driven to accelerating fintech Innovation and achieving financial Inclusion by backing global-mindset innovators, and are thrilled to have led Partment’s latest fundraising round,” said Eslam Darwish, Founding General Partner of the Nclude Venture Capital.
“We also have the honor of supporting the team as they embark on their thrilling mission to disrupt the real estate industry with a locally relevant, internationally scalable solution that offers a distinctive client experience,” he added.
Techbuild’s take
Ahmed El Raggal and Nadim Nagui founded Partment in 2022. Partment provides a smart booking framework that enables customers to co-own multiple homes and an end-to-end property maintenance solution, maximizing property utilization.
Through Partment, users may browse various listings of curated and fully managed homes in their preferred locations or destinations, co-own the property, and receive 40+ nights of use each year.
At some point, they can profit from possible capital gains by smoothly selling their individual shares of the venture.
The additional funding will assist Partment in improving the platform’s infrastructure and launching the MVP in Egypt.
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