Partment for co-owned properties raises $1.5m

Partment — a proptech start-up that offers co-owned second homes — announced on Wednesday that the company closed its pre-seed round at $1.5m to enhance the infrastructure of the platform and deploy its MVP in Egypt.

The round was led by Nclude — a leading venture capital platform focused on investing in fintech and fintech-enabled start-ups in Egypt, the Middle East, and Africa — and Plus Venture Capital (+VC), a MENA focused venture capital firm investing in pre-seed and seed tech start-ups.

The round also included a diverse group of angel investors, including leading tech executives and real estate industry veterans.

Partment offers a hassle-free solution for second home co-ownership. Through the digital platform and smart booking system, Partment enables users to co-own second homes at a fraction of the price while providing an end-to-end property management service, optimising property utilisation.

Users can sign up, schedule a call with an expert to receive details on available properties, and get full assistance to purchase a share in their preferred unit.

Commenting on the announcement, CEO of Partment Nadim Nagui 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. Aside from the financial support and expert advice, their trust in our business model will help us achieve our short-term and long-term goals and scale our business to the next level in Egypt and across the region.”

Furthermore, Eslam Darwish — Founding General Partner of Nclude Venture Capital — commented: “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.”

“We are also privileged to back the team on their exciting journey to disrupt the real estate sector with a locally relevant and globally scalable solution delivered through a unique customer experience.”

Also commenting on the announcement, Hasan Haider — Managing Partner at +VC — said : “We are always focused on investing in exceptional and talented founders and are excited to support the Partment team. We believe that their 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. We look forward to a great future for the company.”