Partment, an Egyptian Proptech startup that provides co-owned second homes, has raised $1.5 million in a pre-seed round of funding. The round was led by Nclude, a Fintech fund managed by Dubai-based venture capital firm Global Ventures and backed by three of Egypt’s largest national banks, and Abu Dhabi-based Plus Venture Capital (+VC), a MENA-focused venture capital firm investing in pre-seed and seed tech startups that has made over 200 investments in the region since 2010. An angel investor group comprised of tech executives and real estate industry veterans also participated.
The startup will use the funds to improve its Beta version online platform and to launch its minimum viable product (MVP) in Egypt.
Giving reason for starting the proptech startup, Nadim Nagui, Chief Executive Officer at Partment said “In 2021, we came together as a group of ex-colleagues and wanted to co-invest in a property, preferably a vacation property. While we saw the benefits of splitting the capital required and sharing the running costs, we quickly realized the operational complexities that will come with the legal structure, the usage governance, the maintenance, and eventually the exit. This inspired us to build Partment to facilitate co-ownership through an airtight and easy-to-use legal framework powered through a top-notch technology platform.”
Eslam Darwish, founding general partner of NClude, the lead investor on his part said “We 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.”
While Hasan Haider, managing partner at Plus Venture Capital said Partment’s “innovative new concept of second home co-ownership will bolster the demand and attract many homebuyers and disrupt the real estate industry in Egypt and beyond.”
Nadim Nagui, Ahmed Raggal, and Chinmaya Das co-founded Partment earlier this year. Nagui and Raggal both worked at Uber for several years, leading expansion and operations in the Middle East and Europe, while Das worked in software development at companies in India, Singapore, and the Netherlands, including Booking.com and Amazon.
Partment, which translates as “part of an apartment,” allows people to co-own a second home with up to seven other people, while it manages and maintains the property. Each co-owner can reserve 41 nights through a booking system.
“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 markets,” says Nagui. We are extremely grateful to have the support of leading investors who understand and support our vision.
“Our first launch market will be the Red Sea region in Egypt,” the CEO hinted. “Of course, we are keeping our eyes open for other preferred destinations.”