ⓘ Featured image: Nomad Homes founder, From left: Dan Piehler, Helen Chen, and Damien Drap
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 by Helen Chen, Daniel Piehler and Damien Drap started the company from Palo Alto, California, in September 2019, Nomad Homes launched its online presence in Dubai last month. The proptech startup utilises 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.
The company is planning to utilise the freshly raised funds towards scaling its engineering team, mainly in the US, grow its marketplace and further develop its product. The company in a statement also revealed that it is projecting a launch in Europe.
Daniel Gulati, a managing director at Comcast Ventures, in a statement 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.”
Sharing a quick analysis of the EMEA’s real estate market, Chen further added,
“Although EMEA’s real estate market represents over $600 billion in transactions per year, 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… that level of data transparency does not exist.”
She believes that the process of finding a property is still majorly offline. On similar lines Chen said,
“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,”