Real estate analytics platform Mashvisor has been chosen for the 19th round of acceleration at Silicon Valley’s 500 Startups, making it the first Palestinian startup to join the global venture fund.
For cofounder Peter Abualzolof, the achievement marks a step towards creating local opportunities in Palestine, as well as proof in the power of remaining hopeful.
And hope has given the startup great momentum; they’ve seen 25 percent month on month growth since launching at in early 2015.
The online platform automates and analyzes nationwide real estate data to empower investors to find traditional and short-term investment properties, and optimize their rental performance.
With the US as the target market, they’ve developed interactive property and neighborhood insights that include analysis of traditional and Airbnb pricing, occupancy rates, seasonality and cost-flow trends.
Being accepted into 500 Startups, a global venture capital seed fund with over $275 million in committed capital, is a once in a lifetime opportunity for the Mashvisor team. As a participant in the program, the Ramallah-based startup will receive advice from experienced mentors and hands-on support from the global 500 Startup community and network.
“Becoming part of 500 Startups is a great honor for us. Not only does it validate our hard work, but becoming part of this esteemed network will continue to open doors for us long after we finish the program,” Abualzolof said, speaking to Wamda from Silicon Valley before returning to Palestine after the program ends.
500 Startups has invested in nearly 1,600 technology startups since their inception in 2010, including Twilio, Credit Karma, Grab, Udemy, and Ipsy.
“The program is overwhelming but educational, we’re gaining value daily. 500 Startups is delivering what they promised and preparing us to take advantage of their network,” Aboalzolof said.Mashvisor was cofounded by Abualzolof and Mohammed Jebrini and received investment from the Ibtikar Fund in December 2015. The fund largely invests in innovative early stage Palestinian companies at the seed level through local accelerators and continuing in post-acceleration phases. To date, it has invested in seven startups at the accelerator stage, and three at growth - two of which have received more than one round of funding. Mashvisor was the fund’s first investment.
"We supported Mashvisor in the leadup to this great milestone. This investment will help Mashvisor's team scale the business, as well as open doors for them now and in the future,” said Habib Hazzan, managing general partner at Ibtikar, or innovation in Arabic.
“We look forward to working with Mashvisor's excellent team to achieve even greater milestones, and we hope this is the first of many Palestinian companies attracting renowned international investors,” he added.
Feature image via Mashvisor.com