3s International acquires Kuwaiti proptech Taskeen
- Kuwait-based real estate company 3s International Real Estate Company has acquired proptech startup Taskeen for an undisclosed amount, facilitated by Brilliant Lab.
Founded in 2017, Taskeen enables real estate owners to manage their properties by communicating with their tenants, collecting rent, providing maintenance services, displaying vacant properties, and creating periodic reports.
The expansion is part of S3 Company’s plan to enhance its technical existence by expanding to a digital platform.
Taskeen plans to utilise its newly acquired funds to offer property owners new technical services and create a digital community among the tenants.
3s International Real Estate Company owned by Dr Yousif Musaed Almaylem, a Kuwaiti real state company that owns various properties in Kuwait and other countries, has just acquired Kuwait-based proptech startup Taskeen Al Oula (launcher of the Taskeen App) for an undisclosed amount. The acquisition was facilitated by Brilliant Lab with the support of the acquisition advisor and CEO Mr Neda Al-Daihani.
Founded in 2017, Taskeen provides a consolidated platform that enables real estate owners to manage their properties by communicating with their tenants, collecting rents, providing maintenance services, technically displaying vacant commercial and residential properties, as well as creating periodic reports for the property owners in an easy and simplified user experience. This new expansion is part of S3 Company’s plan to expand the provision of its real estate technical services, leveraging the potential of Real Estate technology.
The real estate and proptech ecosystem is relatively nascent in Mena compared to its peer industries. Albeit a 2 deal YoY decrease in H1 2021, as recorded in our H1 2021 Mena Venture Investment Report, the Mena real estate sector climbed 3 ranks in H1 2021 to become the 10th ranking sector in a number of deals closed in the first half of the year. Mena-based real estate startups are leveraging technologies to disrupt traditional real estate models and remarkably elevate return on investment, with startups like Egypt’s Nawy and Isqan raising stellar SEED rounds to help users find and book their properties, while UAE-based Huspy raises a SEED round to help users find their optimal mortgage plan.
After challenges in the real estate sector during the COVID-19 pandemic brought about fundamental changes in real estate practices in Kuwaiti and global Real Estate markets, more investors and traditional real estate firms have been showing a growing interest in proptech and digital solutions. Al-Daihani explained that the market for purchasing tech startups, large, and family companies, has recently gained great momentum and activity due to the services provided by the startups that contribute to saving large companies’ time and effort.
Through its tech-driven and fully integrated platform, Taskeen helps property owners monetise and optimise every SQM, unlocking untapped potential in space and improving the trackability of daily operations in space management. The Kuwait-based proptech plans to utilise its newly acquired funds to offer property owners new technical services and create a digital community among the tenants. In light of this recent acquisition, Mr Neda Al-Daihani concluded “it is a million-dollar worth of deal, and acts as a good start for creating good deals and acquisitions in the aspect of buying and selling software programmes, smart apps, and technical solutions in the Gulf and global startup markets.”