Nomad Homes, a PropTech start-up that caters to clients in the UAE and France, has raised $20 million to fuel its expansion into new markets and strengthen its technological prowess.
The investment round, known as Series A funding, is co-led by 01 Advisors, an investment fund co-founded by Twitter’s former executives Dick Costolo and Adam Bain, and the New York-based investment firm The Spruce House Partnership.
Nomad Homes has built an incredible platform that is shaping the future of real estate across Emea
Dick Costolo,
managing partner of 01 Advisors
Nomad will use the new funds to accelerate its expansion across Europe, the Middle East and Africa, specifically in southern Europe, the company said.
“The company will continue to invest heavily in its technology and offer additional products and services to offer a one-stop shop for everything related to the home,” it added.
Launched last year, Nomad pairs technology with local customer service experts who assist clients in buying or renting homes. It offers a customised home buying process from the initial search to financing and to the signing of the final agreement.
“We are particularly excited to continue investing in new FinTech products and pricing tools to further streamline the buying journey for our customers,” said Dan Piehler, co-founder and chief product officer of Nomad.
The company was founded by three friends – Mr Piehler, Helen Chen and Damien Drap – who bonded over their frustrations of finding a home in a new city.
“We set out on a mission to simplify the most important personal and financial decision in your life,” Ms Chen, chief executive and co-founder of Nomad, said.
“We believe that the combination of technology and personalised customer experience empowers our customers to buy their home with confidence,” she added.
The company is building a multiple listing service dedicated to the Emea region to offer home buyers the data to make the decision.
Despite the real estate market representing more than $20 trillion across the region, the market is still riddled with fake and duplicate listings and no pricing data to understand the true value of a home, Nomad said.
“The process of buying a home remains offline and with no buy-side agents, leaving potential home buyers without representation or support in what will likely be a consumer’s largest financial asset,” it added.
A mix of new and existing investors also participated in the round, including Goodwater Capital, HighSage Ventures, Abstract Ventures, Partech, Class 5 Global, Precursor Ventures, Alta Park Capital and an undisclosed multi-billion dollar crossover fund, among others.
“Nomad Homes has built an incredible platform that is shaping the future of real estate across Emea,” said Mr Costolo, managing partner of 01 Advisors.
“What the team is building is increasing market liquidity and simplifying the consumer experience … [we] are excited to partner with these founders and the entire team as they expand,” he added.
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Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
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“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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