The digital real estate platform is vying to migrate property renting and buying in the EMEA region entirely online.
Dubai-based digital real estate platform, Nomad Homes, has closed a $4 million seed round led by San Francisco-based venture firm, Comcast Ventures, with participation from regional and other international venture capitals WndrCo, Abstract Ventures, Partech, Precursor Ventures and Class 5 Global.
The startup is not only modernising home-buying and acquiring/leasing commercial property, but streamlining the sales process for customers. Founded by Helen Chen, Daniel Piehler and Damien Drap, the proptech startup started in Palo Alto, California in late 2019, and later launched its online presence in Dubai by June 2020.
“Although EMEA’s real estate market represents over $600 billion in transactions per year, the customer experience remains far behind that of the US,” said Chen. “Proptech goliaths including [American startups] Zillow and Opendoor are built atop multiple listing services (MLS), which provide detailed property information including transaction history, tax assessments, and nearby school districts. Across Nomad’s markets, that level of data transparency does not exist.”
According to Chen, Dubai’s real estate area is plagued with issues such as fake listings, duplicates and ambiguous information and pricing. “The majority of the process of finding a home across EMEA is still completed offline and is consequently confusing and inefficient. Through the use of better technology and customer service, Nomad aims to bring the entire journey online,” shed added.
The investment will be focused on expanding Nomad’s US-based team, as well as developing its online technologies for their EMEA market. Daniel Gulati, Managing Director at Comcast Ventures, commented on the investment, “Helen and the team bring a unique blend of Silicon Valley DNA, real estate insights and on-the-ground operating experience,” he said. “We are excited to support Nomad’s quest to deliver a superior experience for all market participants with a technology-first approach.”
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