Dubai-based digital real estate platform Nomad Homes, has raised a $4 million in a seed round led by Comcast Ventures, with participation from Abstract Ventures, Partech, Precursor Ventures, WndrCo and Class 5 Global.
Founded in 2019 by Helen Chen and Dan Piehler, the property technology (proptech) startup uses its technology to streamline the process of sales or leasing commercial properties. The company plans to incorporate financial products in its set of offerings such as turning mortgage buyers into cash buyers or facilitating trade-ins.
“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, co-founder at Nomad Homes. “Proptech goliaths including 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.”
This leaves buyers and renters to navigate duplicative listings with no understanding of the underlying details and what the property is actually worth according to Nomad.
“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,” added Chen.
The funding will be put towards scaling the company’s US-based engineering team, developing its platform and expanding its services. Additionally, the company announced plans to expand to Europe.
Daniel Gulati, managing director at Comcast Ventures said: “Helen and the team bring a unique blend of Silicon Valley DNA, real estate insights and on-the-ground operating experience. We are excited to support Nomad’s quest to deliver a superior experience for all market participants with a technology-first approach.”