Nomad Homes secures $4 million financing to build digital real estate platform for Europe and the Middle East    

Nomad Homes secures $4 million financing to build digital real estate platform for Europe and the Middle East    

Published: 14-07-2020 16:55:00 | By: Bob Koigi | hits: 869 | Tags:

Nomad Homes , based in Dubai, has closed a $4 million funding round that was led by Comcast Ventures and participated in by Abstract Ventures, Partech, Precursur Ventures, WndrCo and Class 5 Global.

The money will be used to scale Nomad's engineering team in the US and grow its marketplace and services. The company is also laying the groundwork for its second launch city in Europe.

Nomad Homes is a digital real estate platform that brings the entire experience of buying and renting homes online. The company is building a managed marketplace for users to search, transact and finance residential real estate under one roof.

Nicolas El Baze, General Partner, Partech. “Partech strives to back stellar entrepreneurs with transformative and global vision. We were instantly compelled with Nomad’s plan to bring visibility, efficiency, and liquidity to high-value international real estate markets through a comprehensive digital infrastructure."

Helen Chen, Nomad Co-Founder and CEO: “Although our target markets in EMEA represent over $20 trillion in real estate value, the customer experience remains far behind that of the US. 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, including its first launch city Dubai, that level of data transparency does not exist. Leaving buyers and renters to navigate a sea of low quality, duplicative listings with no understanding of the underlying details and what the property is actually worth.”

 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.

Daniel Gulati, a Managing Director at Comcast Ventures: “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.”

 Nomad was born in Palo Alto. As a former private equity investor at Blackstone, Helen was researching proptech trends throughout the U.S. before turning her attention to EMEA. After uncovering how outdated real estate practices were across the region, she dropped out of Stanford’s MBA program to start Nomad. Helen approached Co-Founders Dan Piehler and Damien Drap to round out the team’s fintech and operating experience.

Dan was previously a Senior Product Manager at Addepar and Damien was an early employee at Uber, involved in launching and developing the business in Paris, Lisbon, Barcelona and Milan before launching and leading Uber Eats across the Middle East. Other members of Nomad’s ten-person team bring experience from Uber, PeerStreet, and multi-national real estate brokerages.

Nicolas El Baze: “Partech strives to back stellar entrepreneurs with transformative and global vision. We were instantly compelled with Nomad’s plan to bring visibility, efficiency, and liquidity to high-value international real estate markets through a comprehensive digital infrastructure.”

Nomad’s mission is to help their customers from beginning to end - not only to help find their home, but also to finance it. The company is starting by offering a managed marketplace - removing fake and duplicate listings and bringing the entire journey online - leaving users with a simple, trustworthy, and enjoyable experience. Once a user is ready to choose their home, Nomad makes money by taking a percentage of the commission. The company is not stopping there, it plans to also address the many financing challenges faced by its users. By creating its own inhouse MLS, Nomad is building the foundation to power its financial products. Whether it’s turning mortgage buyers into cash buyers or facilitating trade-ins, Nomad is making a real estate transaction truly seamless for its users.

www.nomadhomes.co

www.partechpartners.com